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Opec 'not ready' to cut production, says El Badri

Moscow - Russia and Opec are pursuing the same goals of keeping the oil market balanced and stable, Energy Minister Alexander Novak told Opec secretary-general.

Opec Secretary-General Abdullah El Badri said on Thursday the oil producers' group is not planning to cut production despite the fall in crude prices over recent months and concerns about the possible addition of Iranian oil in the market.
"We met in December last year and we met in June this year. We decided to keep our production at 30 million barrels a day, the same as before. We are not ready to reduce our production," Badri said after a meeting in Moscow with Russia's energy minister.
Common goals
Russia and Opec are pursuing the same goals of keeping the oil market balanced and stable, Energy Minister Alexander Novak told Opec secretary-general.
"The global oil market is being affected by various political factors. In particular, ... the agreement on Iran... and its consequences... will have an impact on the market," Novak said during a visit to Moscow by Badri.
"Therefore we, Russia and Opec members, being responsible participants on the global oil market, should conduct our policy based on the full... understanding of its key factors and characteristics. Here we are pursuing the common goals of keeping the market in a balanced and stable state," he said, according to a statement from the Energy Ministry.
Earlier, Novak said Moscow had no plans to discuss oil production cuts with Opec, saying an oil price of between $50 to $65 per barrel was "expected".
On Thursday, Badri said he expected oil prices to stabilise next year and to remain so over the long term. "Prices will stabilise in 2016, we expect stability on the oil market over the long term... We have all suffered from instability on the market and price volatility," Badri said in comments shown on Rossiya-24 television. He did not name a price. - Agencies