04:37 GMT14 May 2021
Listen Live
    World
    Get short URL
    0 22
    Subscribe

    Russian Deputy Prime Minister Arkady Dvorkovich thinks that the results of a recent meeting will not influence the global oil prices.

    SKOLKOVO (Russia) (Sputnik) — The results of a recent meeting of the Organization of the Petroleum Exporting Countries (OPEC) will not influence the global oil prices, Russian Deputy Prime Minister Arkady Dvorkovich said Friday.

    At the OPEC meeting in Vienna on Thursday, cartel member states did not manage to agree on the policy changes and failed to establish a cap on oil production.

    "No. I consider that because these agreements are not seriously expected by anyone, then there is no influence. There are always problems, when there are some expectations and they do not come true, or vice versa, when there are no expectations and they come true," Dvorkovich told reporters, answering a question about possible influence of the OPEC meeting on oil prices.

    Global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003 amid the ongoing glut in global oil supply and causing significant problems for energy companies and oil-producing countries.

    In order to support oil prices, both OPEC member states and non-cartel members made a number of efforts to freeze oil output, but these attempts failed.

    Related:

    OPEC Still 'Viable' Despite Lack of Decisions on Oil Production Quotas
    The Day That OPEC Died: Saudis Aim to Bankrupt Cartel, Seek Oil Monopoly
    LUKoil Head Says Outcomes of OPEC Session Predictable
    OPEC to Boost Cooperation With Non-Cartel Oil Producers, Russia
    Tags:
    global economy, oil prices, OPEC, Arkady Dvorkovich, Russia, Austria, Vienna
    Community standardsDiscussion