09:33 GMT +315 December 2017
Listen Live
    OPEC headquarters in Vienna

    Moscow's Readiness to Meet OPEC Boosts Oil Prices - Iraqi Oil Ministry

    © Flickr/ alex.ch
    World
    Get short URL
    0 72

    Russia's statement about its readiness to participate in negotiations with the Organization of the Petroleum Exporting Countries (OPEC) alone has pushed up oil prices, a spokesman for the Iraqi Oil Ministry told Sputnik on Tuesday.

    BAGHDAD (Sputnik) On Monday, Russian Energy Minister Alexander Novak and Venezuela's Oil Minister Eulogio Del Pino discussed the possibility of holding oil consultations with both OPEC members and non-cartel countries. During the meeting Novak reconfirmed his readiness to participate in the consultations. On Tuesday, Russian Foreign Minister Sergei Lavrov said that Russia would join an OPEC meeting with non-member states should it takes place.

    "We see that the mere proposal by the Russian minister to hold a meeting, which means Russia's readiness to conduct a dialogue with OPEC, led to an 8-percent increase in oil prices," Assem Jihad said.

    He added that due to the influence of both Russia and OPEC on the world oil market, their cooperation would positively affect oil prices.

    Market prices for crude benchmarks dropped to a 12-year low in mid-January, sliding below the historic level of $30 per barrel before a small recovery after January 20. The drop in prices has been attributed to a prolonged global oversupply and low demand, as well as the unwillingness of oil-producing countries to cut output out of fear of losing market share.

    Related:

    Egypt Invites Russia to Join Oil Exploration, Production Licensing Round
    Russia to Continue to Maintain Ties With Oil-Producing Countries - Kremlin
    Oil Prices to Rebound Regardless of Russia-OPEC Deal on Cuts
    Russia-OPEC Talks to Stabilize Oil Prices to Benefit Azerbaijan - Envoy
    Tags:
    oil price, OPEC, Alexander Novak, Russia
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment