Minister says discusses long-term cooperation with Saudi colleague - News Archive - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

Minister says discusses long-term cooperation with Saudi colleague

ANKARA, Apr 3 (PRIME) -- Russian Energy Minister Alexander Novak confirmed on Tuesday discussion of long-term cooperation with Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid Al-Falih after termination of an OPEC plus nonmember oil output reduction deal.

УMe and my colleague, Mr. Al-Falih, the energy minister, have preliminarily discussed the need to think about a mechanism of cooperation after completion of the OPEC plus agreement for a longer term so that the mechanism applied now in the framework of market rebalancing showed effectiveness both multilaterally and bilaterally,Ф Novak said.

Russia and Saudi Arabia are also discussing cooperation between the agreement participants after deal termination. УThere are various ways to cooperate, and we talked about that earlier, maybe OPEC and non-OPEC countries could hold regular meetings, maybe some additional formats, in particular, perhaps an organization which could cooperate with OPEC and non-OPEC countries,Ф Novak said.

He also said that Russia plans to fulfill the OPEC agreement by 100% in April and the first days of the month have shown a full compliance.

In November 2016, OPEC and non-OPEC states agreed to reduce their oil production to rebalance the market. Russia joined the agreement in December 2016 with a promise to cut output by 300,000 barrels daily compared with the level of October 2016. The agreement was prolonged until the end of 2018 in November 2017.

End

03.04.2018 13:43
 
 
Share |
To report an error select text and press Ctrl+Enter
 
 
Central Bank Official Rate
1W 1M 1Y
USD
EUR 75.1825 -0.1393 21 nov
USD 65.5871 -0.4210 21 nov
Stock Market Indices
1D 1W 1M 1Y
MICEX
rtsi 1116.85 -1.66 18:50 20 nov
micex 2341.60 -1.36 18:50 20 nov
Stock Quotes in RUR
1D 1W 1M 1Y
GAZP
gazp 151.51 -1.68 18:49 20 nov
lkoh 4809.50 -0.74 18:48 20 nov
rosn 413.55 -2.49 18:49 20 nov
sber 194.21 -1.91 18:49 20 nov
MICEX Ruble Trading
1D 1W 1M 1Y
USDTD
EURTD 74.9725 -0.2775 14:59 20 nov
USDTD 65.7475 -0.1775 17:44 20 nov