06:15 GMT21 January 2021
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    Russia will participate in an expert-level OPEC meeting on December 3.

    MOSCOW (Sputnik) — Russia will participate in an expert-level meeting of the Organization of the Petroleum Exporting Countries (OPEC) on December 3 to discuss the situation on the oil market, in case the meeting is held, Russian Energy Minister Alexander Novak said Thursday.

    "We were proposed [to meet] a day before December 4, in order to discuss the situation not within the OPEC Summit, but at the level of experts," Novak told reporters, adding that the Russian Energy Ministry's representatives would not participate in the OPEC meeting at the ministerial level scheduled to take place on December 4.

    The previous meeting of OPEC oil ministers was held on June 5 in Vienna. That time, OPEC upheld its production quota of 30 million barrels per day.

    Oversupply in the global market led to a decrease in oil prices, more than twice since summer 2014, when the price of Brent crude stood at about $115 per barrel. In November 2014, OPEC decided to maintain its oil production levels, accelerating the price decline. Crude prices are now hovering at about $50 per barrel.


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