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Russia plans meeting with OPEC in October: ministry

Russian Energu Minister Alexander Novak in June [Anadolu]

Date of publication: 16 August, 2016

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Russia's energy ministry on Tuesday said it was making plans for a possible meeting with the Organisation of Petroleum Exporting Countries (OPEC) in October

Russia's energy ministry on Tuesday said it was making plans for a possible meeting with the Organisation of Petroleum Exporting Countries (OPEC) in October, as the sector grapples with lower crude prices due to a global supply glut.

"We plan for this meeting to be held in October in Vienna," said Russian Energy Minister Alexander Novak in a statement sent out shortly after a ministry delegation visited OPEC headquarters.

The announcement came as energy stocks ticked up Tuesday on an interview with Novak in the Saudi newspaper Asharq al-Awsat that hinted at a possible production freeze by Russia, which is not an OPEC member, in cooperation with the 14-nation oil cartel.

The ministry said Russia's delegation to OPEC "exchanged views on the current situation on the oil markets and the prognoses for its development," as prices held above $45 a barrel early Tuesday.

On August 8, Novak said the "preconditions have not yet been set" for a price freeze but that a necessity for it may come about if prices begin to slide.

OPEC members are set to hold an informal meeting on the sidelines of the International Energy Forum in Algeria from Sept. 26 to 28.

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