Russia to Maintain OPEC Relations

Russia  to Maintain  OPEC RelationsRussia  to Maintain  OPEC Relations

Russia, the world’s top oil producer, plans to continue its consultations with OPEC and may hold a meeting with the group this autumn, Energy Minister Alexander Novak told reporters. OPEC countries, of which Russia is not a member, failed to agree on output targets on June 2, at its first meeting since April when Saudis refused to sign up to an oil output freeze without Iran—which is trying to recover market share after the lifting of sanctions—ruining a wider global agreement, Reuters reported. “We will continue our relations with OPEC ... We have an energy dialogue format which we will continue,” Novak said, referring to consultations on the market situation between Moscow and OPEC. Brent oil prices held at around $50 a barrel on Friday although OPEC did not agree on output targets, supported by Saudi Arabia’s pledge not to flood the market with more fuel. Novak said Saudi Arabia had the capacity to increase output but he believes Riyadh would stick to a “balanced” oil production policy.