ABU DHABI (Nov 7): Russia, the world’s biggest energy producer, is “on board” with an OPEC agreement to limit crude oil production to help re-balance the market, according to OPEC Secretary General Mohammed Barkindo. Russia is due to join OPEC for talks later this month in Vienna, where OPEC will convene for its bi-annual meeting. Russia, the world’s largest energy producer, pumped at a post-Soviet record of 11.2 million barrels a day last month. Energy Minister Alexander Novak indicated that Russia was willing to freeze production for six months or more, rather than cut, and only if OPEC reached an agreement first. OPEC members Iraq and Iran represent a “sticking point” that needs a resolution if there is to be agreement to limit production, he said.

Source: The Edge Markets November 07, 2016 10:01 UTC