Russian Deputy Energy Minister – Difficult to agree on oil output freeze

Russia’s deputy energy minister Texler was on the wires stating it will be difficult to agree on oil output freeze, but stated it is necessary to support prices.

Key Quotes

Sees 900k bpd leaving market if freeze agreed

No output cuts have been discussed

No one wants oil prices to significantly rise as costly projects would return

Oil companies in Russia not opposed to freezing output at Jan level

A price of $35-40 will allow Russian oil sector to move forward

Iran should be interested in freeze deal too as it will get higher prices for its oil

Even if Iran does not join output freeze deal there will still be an effect