Feeling the brunt of low oil prices, Russia has intensified contacts and discussions with members of the Organization of the Petroleum Exporting Countries (OPEC) to find a swift solution to the oil market’s problems, Reuters reported.
 
Russia's Deputy Prime Minister Arkady Dvorkovich said Moscow has been holding "unprecedentedly active" consultations with OPEC and Latin American producers. The energy minister said he had spoken to OPEC's secretary general several days ago.
 
Russia, which expects its economy to shrink by 3 percent in 2015 due to low oil prices, said that reducing production would not mean an immediate increase of the price. The country said it’s technically impossible to slash production at its oil hub in Siberia due to fierce weather conditions.  
 
Meanwhile, an OPEC member from the GCC said that Russian declarations will not necessarily mean an agreement to reduce production. Another GCC delegate said the idea of a common agreement to slash production was highly unlikely.
 
Reuters reported that Russia's position has also agitated OPEC’s members. 
 
"In the past, OPEC has often shouldered the burden of ensuring oil market stability alone," the organization wrote in a commentary in the latest edition of its monthly Bulletin. "In the current situation, which should be of great concern to all, is it not time for this burden to be shared?" 
 
Early this week, Saudi Arabia’s petroleum minister met with Russia’s ambassador to Riyadh to discuss oil market conditions. 

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2024, Argaam Investment, All Rights Reserved
Call Request