06:39 GMT +320 October 2019
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    Energy Minister Alexander Novak

    Russian Energy Minister to Take Part in Russia-OPEC Energy Dialogue on Monday

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    Russian Energy Minister Alexander Novak is going to take part in the Russia-OPEC Energy Dialogue that will take place in Vienna on Monday.

    MOSCOW (Sputnik) On the sidelines of the Energy Dialogue, Novak is going to meet with OPEC Secretary General Mohammad Sanusi Barkindo to discuss stabilization of the oil market.

    However, Novak said on Saturday that freezing oil production would not be the central topic of the whole event. According to the Russian Energy Ministry, the Energy Dialogue will focus on prospects of oil market’s development, developing global energy in the context of implementing environmental obligations and development of technologies.

    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, which have dropped from some $110 a barrel to values below $50 since mid-2014.


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