Energy minister says no need to coordinate Russian–OPEC steps

VLADIVOSTOK, Dec 18 (PRIME) -- Russia does not need to coordinate its steps with OPEC to reverse the oil price slide because OPEC does not have the control over the market, Energy Minister Alexander Novak told reporters Friday.

“The problem (of oil price decrease) is global. It is impossible to be solved with artificial methods. OPEC today is not a structure which regulates the market,” Novak said. “OPEC has not changed the quota since 2008 and it does not play the role that it used to in 1970–1980. And in general, there is a question on whether Russia needs to coordinate its activities (on the global oil market with OPEC).”

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