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    Energy Minister Alexander Novak

    Russian Energy Ministry Deliberates Coordinating With OPEC on Oil Prices

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    Russia’s Energy Minister Alexander Novak met with the leaders of the Russian oil and gas sector Wednesday to discuss possible coordination with OPEC member states to alleviate the unfavourable state of the global oil price market.

    MOSCOW (Sputnik) – The discussions were held as part Novak's annual meeting with heads of Russia's oil and gas companies, the Energy Ministry said. The main topics of discussion included hydrocarbon production plans, taxation, as well as oil refining and domestic fuel supplies.

    "In addition, participants of the meeting discussed the possibility of coordination with the OPEC countries due to unfavourable pricing conditions in the world oil market," the ministry said.

    OPEC Secretary General Abdalla Salem Badri urged on Monday for "all major producers [to] sit down and come up with a solution" to the tailspin that saw a three-quarter drop in global oil prices.

    Transneft energy company chief executive Nikolay Tokarev said earlier Riyadh "showed initiative" in moving toward stemming the free-fall, and said Russia planned to take part in next month's OPEC meeting.

    Related:

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    oil prices, Russian Energy Ministry, OPEC, Alexander Novak, Russia
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