Putin: “we are ready to freeze oil production” 21.11.2016
The Russian President, Vladimir Putin, reiterated Russia's position, which consists in the willingness to freeze oil production at the current level.
"As for the upcoming meeting of OPEC and our position, it remains unchanged, and we have already said it many times: we are ready to freeze the oil production at the current level", - he said at a press conference at the end of the APEC summit in Lima, answering journalists' questions.
"We do not see any damage to our energy sector. The Minister of Energy is constantly in contact with the leading companies, and they are ready for such work." - continued the head of the Russian state.
According to him, about whether there will be an agreement, he is not sure 100%, but it’s true that there is a high probability of achieving it.
According to Putin, this is due to the fact that the basic contradictions that have been within OPEC, as a whole, if are still present, can be eliminated.
"Thorny issues, as we imagine, is not left. Well, we will do everything from our part and what our OPEC partners expect from us. It is not difficult to freeze production for us", - concluded the Russian leader.
On Monday, oil prices rose to a three-week high during European trading, continuing marked increase from the last week due to growing expectations that the world's oil producers will be able to reach an agreement to freeze production at a meeting scheduled for the end of this month.
Brent crude oil for December delivery, traded on ICE in London, rose to a session high of $ 47.72 a barrel, the peak November 2. As of 09:00 GMT, the price is $ 47.60, up 69 cents, or 1.47%.
During the week, Brent oil futures showed an increase of $ 2.11, or 4.5%, after a decline in the past four weeks.
On the New York Mercantile Exchange, WTI crude for December delivery rose 69 cents, or 1.49%, to $ 47.05 a barrel after touching $ 47.20 earlier, the highest since November 1.
For the week, WTI crude oil rose $ 2.28, or 5%, after declining for three consecutive weeks.