Russia has refused to coordinate with OPEC oil production – Lenta.ru

Russia is not discussing with the Organization of Petroleum Exporting Countries (OPEC), the coordination of the market after the failure of talks on frozen production at the April meeting in Qatar. This was announced by Minister of Energy Alexander Novak Russia in an interview with Reuters

«The topic was raised just last year, when some OPEC countries have proposed the reduction of production in the world”, -. Novak said. Russia has so far not been met with the new leadership of the cartel, but the possibility of negotiations this year is maintained, he noted.

00:01 June 10, 2016

Russia, and Saudi Arabia in total mined 23 per cent of the world’s oil, said Novak. In September, he could meet with the new Minister of the Kingdom of the oil Khaled Al-Faleh in Algeria. According to officials, will discuss the construction of gas-processing plants in Russia, the investment of Riyadh, the joint participation of Russian and Saudi companies in the exploration, production and refining of oil.

Now the world market supply exceeds demand by about one million barrels a day, a balance can be achieved by the middle or end of 2017, said Novak. At the same time the Energy Ministry still maintains forecast for oil prices for this year in the region of $ 40-50 per barrel, but it can be lower due to the seasonal drop in demand, he said.

July 11 reported that OPEC countries, which include Saudi Arabia to increase oil production to the highest level since 2008. Kartel has produced 32.73 million barrels a day.

July 4th CDU TEK reported that oil production (including gas condensate) in Russia in the first half of 2016 increased by 2.1 percent from the same period last year and reached about 270 million tons.

at the beginning of 2016 Russia expressed readiness to suspend production growth at the level of January-February to stabilize the world market price. But the deal did not materialize due to the fact that Saudi Arabia has refused to sign any documents without Iran’s participation: representatives of the Islamic Republic in Doha did not come

.