Russia to Skip OPEC Meeting

Russia to Skip OPEC MeetingRussia to Skip OPEC Meeting

Russian Energy Minister Alexander Novak said on Saturday he had no plans to attend the upcoming summit of the Organization of Petroleum Exporting Countries in Vienna. On June 2, the Austrian capital of Vienna is expected to host the 169th OPEC meeting to discuss the current state of affairs in the global oil industry. Several non-OPEC states, such as Azerbaijan and Oman, are expected to participate in the meeting as well. "I have no plans to go to Vienna at all," Novak told RIA Novosti. Novak added that his meetings with OPEC energy ministers before the summit were not on his agenda. "The summit will take place next week. We do not have such meetings on the schedule," he said. According to Goldman Sachs, coordinated oil production cuts between OPEC producers and Russia are "highly unlikely" since a deal would require further cooperation between OPEC members amid Iran's growing production and ongoing rift with Saudi Arabia. Russia has already rejected OPEC's offer to become a member, as it still persists on remaining an observer in the group.