Moscow transmits positive messages after OPEC meeting in Algeria

Positive reactions continue about an OPEC meeting held in Algeria last Wednesday. It was turned from an unofficial meeting into “compulsory decisions.” The decision to cut production to 32.5 million barrels par day was welcomed.

Russia’s energy minister  Alexander Novak Friday said his country is ready to fix oil production if an agreement is reached with OPEC about limiting production.

He added that Moscow will find necessary mechanisms.

He told journalists that a delegation from the Iranian energy ministry will visit Russia early in October or November to present possible oil deals to Russian companies.

Earlier on Thursday, the Russian minister said the OPEC agreement was a positive indicator but his country wants to maintain its oil production on its current levels.

Venezuela’s President Nicolás Maduro Thursday said Russian would support OPEC’s efforts to reinforce oil price by cutting production.

He added that he is sure that there will be a “stable oil market” if OPEC members and independent producers promise to cut production.

Eni’s CEO Claudio Descalzi said what happened in Algeria is a very important event.

“OPEC has been unable to make a decision in this regard for two years. It seems that it will recover an important role in stability in the future. Something has changed after this unofficial summit in Algeria. This is a positive result,” he added.