OPEC Secretary General Appreciates Russia’s Role in Stabilizing Oil Market Talks

OPEC Secretary General Mohammad Sanusi Barkindo appreciates on Saturday oil output freeze agreements reached in Algeria and recognized Russia’s desire to take part in oil market stabilization.

MOSCOW (Sputnik) — Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) Mohammad Sanusi Barkindo recognized on Saturday Russia’s constructive role in the discussion on stabilizing the oil market, the opening remarks, published on the official OPEC website following meeting of the High-level Committee of the Algiers Accord, said.

"I would also like to recognize the important leadership role already played by some non-OPEC countries. The statements of some national leaders – of countries such as Oman and Russia, for example – have demonstrated their support for this meeting, and reflect a broad understanding of the importance of sharing contributions among non-OPEC countries," Barkindo said.

Barkindo added that Russia’s active role is significant and represents a good example of non-cartel states’ readiness to improve the oil market situation.

Moreover, he expressed his appreciation of the agreements on oil output freeze reached in Algeria, opening remarks, published on the official OPEC website following meeting of the High-level Committee of the Algiers Accord said.

"The Algiers Accord was truly a landmark achievement. It was a collective decision reached by consensus of all the OPEC-14 Member Countries. It hindered a further slide in crude oil prices – which have since reversed direction – and also reduced volatility. These were certainly positive and encouraging," Barkindo said.

Barkindo also highlighted that the deal should be timely implemented as postponement may result in deterioration of the financial and investment conditions.

The High-level Committee of the Algiers Accord, bringing together the representatives of the OPEC and non-OPEC states, held a meeting in Vienna on Saturday.

Earlier in the day, Azerbaijani Energy Minister Natik Aliyev said that adoption of a roadmap on the decisions made by the Organization of the Petroleum Exporting Countries (OPEC) in Algeria on freezing oil production will depend on the positions of Iraq and Iran, adding that the two states were interested in increasing oil production and returning their positions on oil markets.

On September 28, OPEC member states agreed on cutting its oil production to 32.5-33 million barrels per day for the whole cartel, however, no exact limits for each country have been placed. The OPEC countries are set to finalize the agreement on oil output freeze at the OPEC summit in Vienna on November 30.