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    Russia Signals Willingness to Take Part in Next OPEC Meeting

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    Russia will join the OPEC meeting with non-member states if it takes place, Russian Foreign Minister Sergei Lavrov said Tuesday.

    ABU DHABI (Sputnik) — Russia will join the Organization of the Petroleum Exporting Countries' (OPEC) meeting with non-member states if it takes place, Russian Foreign Minister Sergei Lavrov said Tuesday.

    "If there is common interest in a meeting between OPEC members and countries that are not part of the organization, we, of course, will be ready for such a consensus. We are willing to work in the formats agreed by all parties concerned," Lavrov said following a meeting with his UAE counterpart.

    Market prices for benchmark Brent and WTI crude dropped to a 12-year low in mid-January, sliding below the level of $30 a barrel due to oversupply in the market.

    Russian Energy Minister Alexander Novak said last week that Russia may engage in talks with OPEC members, including possible discussions of OPEC cutting production in light of the saturated energy market.

    However, Novak's initiative has not been backed up by OPEC so far, while Saudi Arabia has denied the existence of an agreement among oil producing countries to cut production by 5 percent.

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    oil prices, Urals, Crude, Brent, WTI, OPEC, Sergei Lavrov, Saudi Arabia, Russia
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