15:58 GMT +320 April 2018
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    Qatar Vows to Continue Cooperation With Russia on Stabilizing Oil Prices

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    Qatar wants to develop cooperation with Russia on coordinating countries’ positions on stabilizing oil prices, Qatar's Foreign Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani said on Saturday.

    MOSCOW (Sputnik) – In November 2016, the Organization of the Petroleum Exporting Countries (OPEC) member states reached an agreement to cut oil production by 1.2 million barrels per day in the first half of 2017 to boost global oil prices.

    "Today we held a constructive meeting with my colleague Minister Lavrov. A significant progress has been achieved, we managed to achieve much in bilateral relations since 2016 when a high-level meeting took place in Moscow. We see that a powerful impetus especially in the sphere of investment was given. We continue our efforts on cooperation in the gas sphere as well as agreements on cooperation under the aegis of OPEC for maintaining oil prices at the level we need," Al-Thani said after a meeting with Russian Foreign Minister Sergey Lavrov.

    The OPEC agreement was supported by 11 non-OPEC states, which joined the deal by promising to jointly reduce oil output by 558,000 barrels per day. Russia pledged to cut production by 300,000 barrels daily. The OPEC has already implemented its commitment while non-cartel countries have implemented over half of the agreed upon cuts.


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    Oil, OPEC, Qatar, Russia
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