07:10 GMT26 January 2021
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    President of the OPEC Conference at the OPEC and non-OPEC oil producers' ministerial meeting Mohammed Bin Saleh Al-Sada said that Russian Energy Minister Alexander Novak was astrong advocate of the consultations that have taken place between OPEC and non-OPEC producers in order to restore balance to oil markets.

    VIENNA (Sputnik) — President of the OPEC Conference at the OPEC and non-OPEC oil producers' ministerial meeting Mohammed Bin Saleh Al-Sada thanked Russian Energy Minister Alexander Novak on Friday for his leading role and personal contribution to recent arrangements to cut oil production.

    On Friday, Vienna is hosting the OPEC and non-OPEC ministerial meeting, during which it is expected to finally coordinate the details of the arrangements to stabilize the oil market.

    "We would like to offer a specific thank you to my co-Chair for this meeting, His Excellency Alexander Novak, Minister of Energy of the Russian Federation. He has been a strong advocate of the consultations that have taken place between OPEC and non-OPEC producers in order to restore the much sought-after balance to oil markets. His dedication and leadership in this process has been acclaimed by all," Sada, who is also Qatar's Energy Minister, said at the opening of the meeting.

    On November 30, OPEC agreed to cut crude oil output by 1.2 million barrels per day to 32.5 million barrels per day from January 2017. Non-OPEC countries will reduce their production by 600,000 barrels per day, with Russia agreeing to cut its oil output by 300,000 barrels per day.

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    Tags:
    oil production, OPEC, Mohammed Bin Saleh Al-Sada, Alexander Novak, Russia
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