BAGHDAD (Sputnik) – On Monday, Russian Energy Minister Alexander Novak and Venezuela's Oil Minister Eulogio Del Pino discussed the possibility of holding oil consultations with both OPEC members and non-cartel countries. During the meeting Novak reconfirmed his readiness to participate in the consultations. On Tuesday, Russian Foreign Minister Sergei Lavrov said that Russia would join an OPEC meeting with non-member states should it takes place.
"We see that the mere proposal by the Russian minister to hold a meeting, which means Russia's readiness to conduct a dialogue with OPEC, led to an 8-percent increase in oil prices," Assem Jihad said.
He added that due to the influence of both Russia and OPEC on the world oil market, their cooperation would positively affect oil prices.
Market prices for crude benchmarks dropped to a 12-year low in mid-January, sliding below the historic level of $30 per barrel before a small recovery after January 20. The drop in prices has been attributed to a prolonged global oversupply and low demand, as well as the unwillingness of oil-producing countries to cut output out of fear of losing market share.
