Russia says OPEC unlikely to discuss oil output cut – RIA

*Russian Energy, Minister Alexander Novak.

*Russian Energy, Minister Alexander Novak.

22 September 2016, Moscow — OPEC is not expected to discuss an idea for oil producing nations to cut output by 5 percent at a meeting this month, the RIA news agency cited Russia’s energy minister as saying on Thursday.

“There is a proposal on an (oil) output freeze,” the agency quoted Alexander Novak, the minister, as saying ahead of the oil cartel’s meeting in Algeria next week. But it cited him as saying the proposal was not on the agenda for now.

Other agencies cited Novak as saying he expected constructive talks in Algeria however and that Russia was ready to coordinate its actions on the market with other producers.

*Polina Devitt; Dmitry Solovyov; Editing – Andrew Osborn – Reuters

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