5 Sep 2016 18:00

Goal of oil freeze not a certain price, but bringing investment back to sector

HANGZHOU. Sept 5 (Interfax) - The goal of freezing oil production is not to achieve a certain oil price level but to return investment to the oil and gas industry, Russian Energy Minister Alexander Novak told reporters.

"In general I don't think we ought to be talking about any kind of strategic oil prices. Prices need to be such that it is possible to recoup projects and attract investments," he said.

"If we see that investments are going to be returning to the sector, it will mean these are the most effective, the most correct prices for the sector," he said.

"Today we can see under-investment of around $200 billion in the sector," he said.