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Putin announced the readiness of oil companies to freeze production

Путин сообщил о готовности нефтяников заморозить добычу

Russian oil companies will keep the oil production level at the level of January 2016. This was stated by the President of the country Vladimir Putin, transfers on Wednesday, 2 March “Interfax”.

“We met yesterday with the leadership of our leading oil companies, and generally agreed that we will maintain the level of oil production in 2016 at the level of January of the current year”, — said the head of state at a meeting with members of the government.

Earlier, on 1 March, Minister of energy Alexander Novak said that the Russian oil companies agreed to freeze the level of oil production. The official said that over 15 countries have publicly confirmed readiness to freeze oil production at the level of January 2016.

Putin then stressed that the Ministry of energy and experts of the Department are engaged in study of issues related to the stabilization of the world energy market. “Consult continuously with our partners — leading players in the global oil market. Discusses measures that could ensure the stability of the market. To balance supply and demand,” he said.

February 16, Russia and several OPEC members (Saudi Arabia, Qatar, and Venezuela) agreed to freeze oil production in order to support the quotation, subsided for a year and a half by 70 percent. Also about the intention to join the agreement said Iraq and Kuwait, and on 20 February, is now Nigeria.

According to the latest data CDU TEK, in February, Russia has increased oil production by 5.3 percent compared to the same period last year. Total for the month was produced by 43.1 million tons. Deputy Prime Minister Arkady Dvorkovich explained that oil production in Russia will increase, despite an agreement to freeze production. “The agreement (with the OPEC countries — approx. “The tape.ru”) fixes the production at the level of January 2016. This level is higher than in 2015. So, in 2016 compared to 2015, despite the agreement, the us production will increase and not decrease. This is arithmetic. Forecast level of 1.5 percent,” he said.

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