Russia Ready to Take Part in OPEC Consultations

Russia Ready to Take Part  in OPEC ConsultationsRussia Ready to Take Part  in OPEC Consultations

Moscow is ready to participate in consultations with the Organization of the Petroleum Exporting Countries on the current situation on the global oil market, Russian Energy Minister Alexander Novak said Saturday.

“There have been proposals from some of the OPEC countries, as well as some oil-exporting countries that are not part of OPEC, to discuss the situation on the oil market at the level of experts,” Novak told journalists on the sidelines of the International Investment Forum in the Russian southwestern city of Sochi.

“We are ready to participate in such consultations,” he added.

In July, Moscow hosted the fourth Russia-OPEC meeting with the next one scheduled to take place in the second half of 2016 in Vienna. The meeting of OPEC oil ministers will be held on December 4.

Global oil prices dropped from $100 to $45 per barrel for Brent crude in the second half of 2014, due to global oversupply.

In November 2014, OPEC chose to maintain oil production levels, accelerating the price decline.

Novak also said that Russia may see its oil production fall by 7-8 million tons next year if a previously agreed cut in taxation was not implemented.

He said Russia’s Finance Ministry had proposed to keep the oil export duty calculation unchanged next year instead of the agreed cut.

He also said the situation in Syria has no impact on the global oil prices as the country is not a major player on the oil market unlike Iran, Iraq and Saudi Arabia.

“I think that there is no influence, as Syria is not a big player on the global market. As you see there is no reaction on the market to the situation in Syria,” Novak told journalists.

“It is more important what production volumes Iran will have after the sanctions are lifted, what Iran’s position in terms of a volumes increase is, what Saudi Arabia’s plans are. These are the major players that have a large share on the global oil market,” the minister added.