- Title: Russia, OPEC talk cooperation to stabilise oil market
- Date: 24th October 2016
- Summary: VIENNA, AUSTRIA (OCTOBER 24, 2016) (REUTERS) OPEC HEADQUARTERS OPEC LOGO ON HEADQUARTERS ENTRANCE TO OPEC HEADQUARTERS OPEC SECRETARY GENERAL MOHAMMED BARKINDO AND RUSSIAN ENERGY MINISTER ALEXANDER NOVAK ARRIVING FOR NEWS CONFERENCE PANEL OF SPEAKERS SEATED (SOUNDBITE) (English) OPEC SECRETARY-GENERAL MOHAMMED BARKINDO, SAYING: "We have reached very fine conclusions going forward to next year. I think both sides are quite satisfied with the outcome of these deliberations today and we very much appreciate the commitment of Minister Novak to this dialogue and the process as well as cooperation generally between OPEC and the Russian Federation." PANEL OF SPEAKERS MEDIA AT NEWS CONFERENCE (SOUNDBITE) (Russian) RUSSIAN ENERGY MINISTER, ALEXANDER NOVAK, SAYING: "Ahead of OPEC taking its final decision we are working out different options and mechanisms of OPEC and non-OPEC countries participation in finding out joint agreements. Of course, we have discussed this today with Mr. Barkindo, OPEC Secretary- General, and with the Qatari Energy and Industry minister al´Sada who is chairing OPEC presidency. We have discussed the current situation in detail as well as different mechanisms and options for joint actions." OPEC DELEGATE LISTENING AT NEWS CONFERENCE PANEL OF SPEAKERS / AUDIO OF REPORTER ASKING A QUESTION (SOUNDBITE) (Russian) RUSSIAN ENERGY MINISTER ALEXANDER NOVAK SAYING: "I don't want to comment on specific proposals now, we have agreed that this work will be continued at expert level in a move to work out the most suitable options. Experts will continue working on October 28 and 29 here in Vienna. Our specialists will take part in these consultations as well, as I said, trying to propose to everyone the most suitable option." MAN IN AUDIENCE OPEC SECRETARY GENERAL MOHAMMED BARKINDO AND RUSSIAN ENERGY MINISTER ALEXANDER NOVAK LEAVING NEWS CONFERENCE
- Embargoed: 8th November 2016 17:28
- Keywords: oil OPEC petroleum russia qatar logo headquarters vienna austria
- Location: VIENNA, AUSTRIA
- City: VIENNA, AUSTRIA
- Country: Austria
- Topics: Commodities Markets,Economic Events
- Reuters ID: LVA00155D88XZ
- Aspect Ratio: 16:9
- Story Text:Energy ministers from Russia and Qatar along with OPEC's secretary general discussed possible joint action to stabilise the oil market, Russian Energy Minister Alexander Novak said on Monday (October 24) ahead of OPEC's meeting next month aiming to cement a deal agreed in Algiers.
OPEC's Secretary General Mohammed Barkindo said in opening remarks to Monday's meeting that Russia and OPEC were committed to stable and predictable markets.
"I think both sides are quite satisfied with the outcome of these deliberations today and we very much appreciate the commitment of Minister Novak to this dialogue and the process as well as cooperation generally between OPEC and the Russian Federation," Barkindo told a news conference, after the meetings in Vienna.
Novak, in Vienna after visiting Saudi Arabia over the weekend for talks with Saudi Energy Minister Khalid al-Falih, said sharp falls in the price of crude threatened to trigger an oil deficit and unpredictable volatility in prices.
Last month in Algiers, OPEC agreed modest output cuts that are due to be set in stone in the coming weeks. The goal is to trim production to a range of 32.50-33.0 million barrels per day (bpd).
Russia is ramping up its oil output amid weak oil prices, as weak rouble and investments made in previous years are helping its oil sector.
In September, Russian oil output hit another post-Soviet high of 11.1 million barrels per day (bpd).
Novak declined to say at which levels Russia would be ready to cap its output, adding that lower-tier officials from OPEC and non-OPEC countries, including Russia, will be working on terms of a possible deal on Oct. 28-29 in Vienna.
- Copyright Holder: REUTERS
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