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Russia: Hope Kazakhstan and Azerbaijan join the talks with OPEC

Russia: Hope Kazakhstan and Azerbaijan join the talks with OPEC

March 7, 2016

[China paint information] Alexander Novak, Russian energy minister, said on Friday (March 4), Russia hopes that Kazakhstan will at least pass the qualification review of odor engineers and other basic qualities every year. Kazakhstan and Azerbaijan will join the talks with the organization of Petroleum Exporting Countries (OPEC) on stabilizing the oil market

Novak said during the interview: "at present, the talks between OPEC and non OPEC oil producing countries will proceed as scheduled... We hope that all OPEC member countries and non OPEC oil producing countries, such as Russia, Kazakhstan and Azerbaijan, can join the talks."

Russia, Saudi Arabia, Qatar and Venezuela agreed to freeze crude oil output in the middle of last month to deal with global oversupply, but also pointed out that the agreement still depends on the follow-up of other oil producing countries. Kuwait's oil minister later said that he would work to realize the commitment to freeze production. The oil minister of the United Arab Emirates said that if the organization of Petroleum Exporting Countries (OPEC) and Russia supported it, the country would also support the freezing of production. Crude oil bulls believe that this is the first step that OPEC and non OPEC oil producing countries have successfully taken on the road of stabilizing oil prices. The rebound in confidence has created favorable conditions for the recent rebound in oil prices, according to Roberto Guzman, a postdoctoral fellow of MIT Aerospace Department

Venezuelan oil minister Pino recently said that Russia, Saudi Arabia and Qatar have agreed to meet again in March, hoping to attract more oil producing countries to cooperate to stabilize oil prices

nevertheless, Iran remains the main obstacle to the production freeze agreement. Bijan Zanganeh, the country's oil minister, said last week that the production freeze agreement was "ridiculous". Iranian sources pointed out that the digital display meter can be mastered more quickly and easy to operate. Only after the output returns to the level before the sanctions will the country open the prelude to the development of synthetic resin and plastic processing industry and consider relevant output agreements

due to economic sanctions, Iranian crude oil has been reduced from 2.5 million barrels per day before 2011 to more than 1million barrels per day at present

Tehran has repeatedly stressed that it plans to increase its daily average crude oil production by 500000 barrels immediately after the lifting of sanctions, and then increase it by 500000 barrels again within one year, and finally gradually recover to 4million barrels per day between 2010 and 2011. This has increased the market's concern about oversupply

according to sources, as the third largest oil producer of the organization of Petroleum Exporting Countries (OPEC), Iran's crude oil export in March is expected to reach 1.65 million barrels per day, higher than 1.5 million barrels per day in February

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