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Russian, OPEC experts to continue mulling oil mkt measures

Russian, OPEC experts to continue mulling oil mkt measures

Russia Welcomes OPEC's Agreement on Oil Production Cuts, Alexander Novak (01 December 2016 12:46)
Azerbaijani Energy Minister to attend OPEC conference (24 November 2016 20:46)

Date: 26 October 2016 10:46

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Baku, October 26, AZERTAC

Experts from Russia and OPEC will continue discussion of measures for stabilization of the oil market on Friday and Saturday in Vienna, Russian Energy Minister Alexander Novak said in a news conference on Monday after a meeting with OPEC Secretary General Mohammad Barkindo, according to "Prime Business News Agency".

In September, OPEC agreed to limit daily oil output at 32.5–33.0 million barrels, but production ceilings for each country are yet to be defined. The final agreement on the issue is to be reached on November 30. President Vladimir Putin said that Russia is ready to join OPEC in the freeze, if such an agreement is reached.

"We've thoroughly discussed the current situation and different mechanisms and options of joint (Russia–OPEC) actions. I would not like to comment on individual proposals, but we've agreed that work will be continued at the level of experts so that optimal options are worked out. Experts will continue their work here, in Vienna, on October 28–29, and our specialists will also take part in the consultations in order to offer most optimal options," Novak said.

Russia and OPEC confirmed relevance of joint actions at the market, as the supply and demand still have to be balanced, and investments into the sector should be resumed, he said.

There are risks that the supply may significantly exceed the demand at the oil market this winter. "So, our obvious goal is to bring the balanced state of the market closer to us, to decrease the term for reaching it by our joint actions," he said.

The next session of the Russia–OPEC energy dialogue will be held in 2017 in Moscow. The countries will discuss the influence of current changes in the market, consequences in prices and investments into the oil sector, analysis of a possibility to attract financing and investments in conditions of different taxation systems of different countries, and influence of breakthrough technologies on the market, Novak added.


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