August 8, 2016 / 6:47 AM / in a year

Russia sees no grounds for new talks on oil output freeze yet

MOSCOW (Reuters) - Russia, the world’s top oil producer, sees no grounds for new talks on freezing oil production yet but is open to negotiations, Energy Minister Alexander Novak said on Monday.

A worker looks at a pump jack at an oil field Buzovyazovskoye owned by Bashneft company north from Ufa, Bashkortostan, Russia, July 11, 2015. REUTERS/Sergei Karpukhin/File Photo

He told reporters: “If other countries raise the issue of a freeze, we are ready to discuss this.”

“But the position of Russia is that the prerequisites for this have not yet come to pass, considering that prices are still at a more or less normal level.”

Novak added that talks on freezing output could possibly happen if prices fall.

Reporting by Olesya Astakhova; Writing by Katya Golubkova; Editing by Alexander Winning

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