Mubasher: Russian President Vladimir Putin has reached a deal with local oil firms to freeze this year’s oil output at January’s production level, according to Russia Today website.
The agreement was reached during his meeting with the heads of the country’s oil majors on Tuesday.
Putin said Energy Minister Aleksandr Novak is in constant talks with foreign oil exporters and has agreed with them that Russia will not increase oil exports.
"It’s been proposed that the volume of oil production in Russia in 2016 will be based on the figures of January this year, but, of course, on average throughout the entire 2016," said the president.
On Tuesday, Novak said that over 15 countries have confirmed their readiness to freeze current output levels.
The Russian Energy Minister added that African, Latin American and Persian Gulf producers are optimistic about joining the deal which could be effective even without Iran’s participation.
Russia and Saudi Arabia as well as OPEC members Qatar and Venezuela agreed last month on an oil production freeze at January levels. This was the first crude production accord since 2001.
