Russian Ministry of Energy: agreement on freezing crude production is voluntary
The agreement between Russia, Venezuela, Qatar and Saudi Arabia on freezing crude oil production is voluntary and there will be no legally binding document, Russian Deputy Energy Minister Anatoly Yanovsky said.
"There may be some sort of joint statement, but no legally binding agreement," RIA Novosti cited the Deputy Energy Minister as saying.
OPEC countries and non-OPEC producers are discussing a potential freeze of oil production to stabilize the market situation.
Russia, Venezuela, Qatar and Saudi Arabia have agreed to freeze oil production at the level of January 11th if other manufacturers join the initiative.