Novak says Russia plans to continue developing cooperation with OPEC

Russia plans to continue developing cooperation with the Organization of the Petroleum Exporting Countries (OPEC). This was announced by Russian Deputy Prime Minister Alexander Novak on November 22.

"Russia in practice confirms its intention to further interact in the OPEC and "non-OPEC" format. We consider it important to reflect the key areas of our cooperation in the action plan. I count on fruitful and joint work," he said at a meeting with OPEC Secretary General Haisam-al-Ghais during the Russia-OPEC energy dialog.

Novak noted that separate topics of consultations will be issues related to the environment, which are becoming relevant in connection with the global energy dialog. He also noted that it is necessary to pay attention to the potential of technological cooperation, which contributes to increasing technological sovereignty, production and processing of hydrocarbons.

Following the energy dialog, Novak told reporters that the oil market is currently in a state of balance, which was led by the actions of OPEC+ countries and Russia to adjust production levels.

Earlier, on September 26, Novak reported that the situation on the fuel market of the Russian Federation will remain stable until the end of the year, and fuel prices are growing within the inflation rate. In addition, he said then that Russia expects the global demand for oil to grow by 1.5 million barrels per day compared to last year. This demand will be provided by OPEC+ member countries and states that are not members of this organization.

On May 22, the Russian Ministry of Energy said that oil production in April was slightly higher than the established OPEC+ plan, and in the future the country is ready to compensate for this shortfall. The ministry said that in the first quarter of 2024, Russia consistently exceeded the terms of the deal in the organization, producing oil in quantities that were less than the established quotas.