Russia plans to meet with OPEC before group next gathers in June
By Bloomberg
Russia, the world’s biggest energy exporter, will meet with OPEC before the group next gathers in June to discuss whether to adjust production limits, amid prices that are almost half their level of 10 months ago.
Talks with the 12-nation group will take place on June 2-3, Energy Minister Alexander Novak said Tuesday in Moscow. The Organization of Petroleum Exporting Countries gathers in Vienna on June 5 with no signs so far that it will alter plans to maintain output amid a surplus. Novak said April 15 that a meeting with OPEC would happen in June, without giving a date.
Brent, a benchmark for Russian crude, collapsed last year as OPEC maintained its output target at 30 million barrels a day, saying non-member producers created an oversupply and must help tackle it. Novak met with Saudi Arabia, Mexico, and Venezuela before OPEC’s last gathering in November. The four nations pledged to monitor oil markets together without agreeing to coordinated supply measures.
Brent crude futures traded at about $64 a barrel in London on Tuesday. They traded as high as $115.71 in June last year. Russia depends on revenues from oil and gas for about half its budget.
The ministry will provide an agenda for the meeting in about two weeks time, said Olga Golant, a spokeswoman for Novak.
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!