Oil-Producing Countries to Be Happy With Prepared Moves on Balancing Oil Market

According to the Russian Energy Minister, oil-producing countries would be satisfied with prepared measures on balancing the oil market.

RIYADH (Sputnik) – Russian Energy Minister Alexander Novak said on Sunday he was sure that oil-producing countries would be satisfied with prepared measures on balancing the oil market.

“We are holding consultations with my colleagues to work out an optimized mechanism for solving the issues of stabilization; each country is in its own situation. I am sure that the decisions that are being worked out will satisfy all countries and all countries will be satisfied by the decisions on balancing the market,” Novak said during a meeting with his Saudi counterpart Khalid al-Falih.

The Organization of the Petroleum Exporting Countries (OPEC) agreed in late September to cut its oil production for the first time in eight years. The output ceiling was set at 32.5-33 million barrels a day for the whole cartel. Further details of the deal are due to be unveiled at the group’s meeting in November.

Russia, which is among the world’s leading oil producers, however not a member of OPEC, expressed will to uphold the agreement.

The September agreement was reached against the backdrop of decline in oil prices. Global oil prices have dropped from some $110 a barrel to values below $50 since mid-2014.

Novak arrived in Saudi Arabia on Saturday on a two-day visit to meet al-Falih to discuss relations between the two nations, as well as cooperation with the Organization of the Petroleum Exporting Countries (OPEC) amid current situation in the oil market.