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Russia called the initiator of freezing oil

Россия назвала инициатора заморозки добычи нефти

The initiator of the freezing of hydrocarbon production is Venezuela, said at the Krasnoyarsk economic forum, Deputy head of the Ministry of energy of Russia Anatoly Yanovsky. On Saturday, February 20, reports TASS.

“The initiator of this topic was Venezuela, which during these months suffered from lower prices [for oil], and she [initiated] the question of what is necessary to take some measures,” he said.

Frost oil production, according to Yanovsky, does not imply the presence of a binding document. Perhaps “it will be a joint statement is not legally binding,” noted the Deputy head of the Ministry of energy. Clarity on this issue yet.

Tuesday, February 17, Iran’s oil Minister Bijan Namdar Zanganeh expressed support of the refusal to increase production after talks with his counterparts from Venezuela, Iraq and Qatar. Following the proper statement of the oil price on the stock exchange has risen sharply. The price of Brent crude rose by 6.8 percent to 34,53 USD per barrel. American WTI crude oil rose by 6 percent to is 30.91 per barrel.

At the same time, the Ambassador of Iran in OPEC Mehdi Asali before statement Zanganeh expressed the position that the Islamic Republic does not consider the right to freeze their own oil production to keep prices from falling.

February 16, Minister of energy of Russia Alexander Novak and representatives of OPEC (Saudi Arabia, Qatar, and Venezuela) agreed to freeze oil production at the level of 11 January. They were joined by Iraq and Kuwait.

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