Pavel Zavalny: Freezing of oil production to lead to price of not less than $60 per barrel

The freezing of the oil production at the level of January 2016 will lead to the balancing of supply and demand and the establishment of prices of not less than $60 per barrel in the medium term. This was stated by chairman of the State Duma Committee for Energy Pavel Zavalny.

At the meeting with the Russian President Vladimir Putin on Tuesday, the Russian oil companies supported the initiative to freeze the production at the level of January 2016. The meeting with the President was attended by heads of Rosneft, Lukoil, Gazpromneft, Bashneft, Tatneft, Zarubezhneft, Surgutneftegaz and the Independent Oil and Gas Company, as well as the Russian presidential administration’s chief Sergei Ivanov and presidential aide Andrei Belousov.