Russian Energy Minister Alexander Novak warned Monday there was an “acute need” to rebalance the oil market and help ease price volatility, after talks with the OPEC oil cartel in Vienna.
“Probably by winter we will see considerable overkill of supply over demand. Therefore there is an acute and urgent need to speed up the rebalancing,” Novak told reporters at the Vienna headquarters of the Organization of the Petroleum Exporting Countries.
The meeting highlighted “the impact that recent price volatility and the high level of stocks have had on the industry,” the two parties said in a statement.
“In addition, deliberations considered scenarios depicting the effects that climate change mitigation policies could have on oil and energy demand, and on investments in the industry,” the statement read.
OPEC and non-member Russia have held regular meetings to tighten cooperation to bolster low oil prices.
Russia has been hit hard by the plunging market over the past two years.
Prices are currently hovering at around $50 per barrel after hitting a 10-year low of less than $30 in January, down from a peak of more than $100 in mid-2014.
Last month, OPEC members agreed a preliminary deal to cut production for the first time in eight years, sending crude prices surging.
The cartel hopes to hammer out details of the accord ahead of its bi-annual summit in late November.
It has invited Russia and other key non-members for a technical meeting in Vienna on October 28-29.
Prior to his Vienna visit, Novak attended a Gulf ministerial meeting in Riyadh Sunday.
“The current down cycle is nearing an end... We are optimistic that oil prices will continue to improve in the future,” Energy, Industry and Mineral Resources Minister Khalid Al-Falih said after the meeting.
Source: Arab News
GMT 20:32 2018 Friday ,30 November
Turkey hails China's 1st import expo, gets ready for next sessionGMT 17:22 2018 Friday ,26 October
US Trade and Development Agency official meets with ministers in EgyptGMT 11:56 2018 Wednesday ,17 January
BlackRock chief calls on CEOsGMT 12:01 2018 Wednesday ,03 January
Banks 'reticent' to work with SudanGMT 18:43 2017 Thursday ,28 December
Al-Sukait Tackles Investors’ ContributionGMT 18:34 2017 Wednesday ,27 December
Shaath reveals opening date of Metro third lineGMT 07:25 2017 Wednesday ,06 December
Abdelkader underlined role of construction sectorGMT 07:15 2017 Thursday ,09 November
Al Walwel says Palestinian people ableMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor