Russian energy minister expects productive talks with oil producers at GECF
DOHA. Nov 17 (Interfax) - Russian Energy Minister Alexander Novak said that he is hoping for productive negotiations with oil producing countries at a meeting at the Gas Exporting Countries Forum (GECF) in the capital of Qatar on November 17-18.
"We always expect productive talks, particularly at our forum," Novak told reporters before the opening of the GECF.
It was reported earlier that there were plans to hold informal consultations with OPEC representatives on the sidelines of the GECF ministers meeting.
Representatives of Iran who are leading negotiations through OPEC have also arrived at the GECF.
When asked if there are plans for a meeting with the Iranian representatives in Doha, Novak said: "Anything is possible."
"I think that, in any case we will talk with one another within the context of today's event," Novak said.
It was reported that OPEC countries agreed in Algiers in September to cut oil production to 32.5 million-33 million barrels a day from the record level of September of 33.64 million barrels a day. Iran, Libya and Nigeria will be permitted to produce at the highest reasonable levels. It is expected that a decision about the distribution of quotas for each country in the cartel will be confirmed at OPEC's meeting on November 30.
In addition, Iraq said that it also wants to be freed from obligations as part of OPEC's agreement on the restriction of production. This caused doubts among market players that OPEC countries would be able to finalize the deal on limiting production. Media outlets reported that there are also disagreements about the level of production for Iran.
Russia thinks an oil production freeze is the best option, not a reduction, Novak said earlier. He said that amid forecasts for oil production growth, its freeze in Russia would be the same as a reduction.
The GECF includes twelve suppliers of natural gas (besides Russia, Algeria, Bolivia, Venezuela, Egypt, Iran, Qatar, Libya, Nigeria, UAE (since 2012), Trinidad and Tobago, Equatorial Guinea) and six observer countries (Oman, the Netherlands, Peru, Norway, Kazakhstan and Iraq). GECF ministerial meetings are held regularly. The forum's members account for about 79% of global gas reserves and almost half (45%) of global gas exports).
