Alexander Novak, Russia’s minister of energy, moved to reassure oil-price watchers by reaffirming at a CNBC-moderated panel at the World Energy Congress in Istanbul that his country is prepared to join the oil-producing cartel OPEC in a production freeze.
“Yesterday, when the President (Vladimir Putin) was talking here, I think he answered that question,” Novak said through an interpreter during the panel discussion.
“He said that at present, at the current period, the freezing or decreasing of production is the cleverest and the best way to re-balance the market so that we all could decrease the risk and mitigate the volatility risk that can influence the situation in the market.”
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