Russian Deputy Energy Minister – Difficult to agree on oil output freeze
By FXStreet Russia’s deputy energy minister Texler was on the wires stating it will be difficult to agree on oil output freeze, but stated it is necessary to support prices.
Key Quotes
Sees 900k bpd leaving market if freeze agreed
No output cuts have been discussed
No one wants oil prices to significantly rise as costly projects would return
Oil companies in Russia not opposed to freezing output at Jan level
A price of $35-40 will allow Russian oil sector to move forward
Iran should be interested in freeze deal too as it will get higher prices for its oil
Even if Iran does not join output freeze deal there will still be an effect
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Source:: FX Street
