Novak to hold meeting with OPEC ministers on Wednesday in Istanbul
ISTANBUL. Oct 11 (Interfax) - Russian Energy Minister Alexander Novak plans to hold a meeting with a number of OPEC ministers on Wednesday in Istanbul.
"It will be a partial format," Novak told journalists.
"To be honest, I would not say that it is a large pre-planned meeting. As far as I understand, it is a wish by those ministers who are here today at the forum to meet and have a discussion. I think it won't be the full format which met in Algiers or Doha. In principle, I plan on meeting so that we can discuss together both the decisions at Algiers and future procedure for consultations," the minister said.
"But I want to say that it is not a full-fledged format. Based on the conversations and consultations which took place here, we expect that by the end of October those proposals that were made in Algiers will be thoroughly developed. And it will be clear and more precise. This is still a discussion within OPEC for now. Because the conference itself will take place only on November 30," he said.
He said that Russia will conduct consultations before the end of November. "The only issue is that right now only OPEC within itself will work out the supplies for countries [that are members of the cartel]. Because those countries still need to work out within the framework of quotas the output for member countries," Novak said.
"We will be having contact and consultations with them in any case during this time," he said.
OPEC members agreed at an informal meeting in Algeria in September to cut oil production to 32.5 million-33 million barrels per day from 33.2 million barrels. The decision to reduce output and the specific quotas for each OPEC country are supposed to be formalized at an official meeting in Vienna on November 30.