Russian energy minister: Russia is open to OPEC cooperation in stabilizing oil prices

Date: 2017-09-16

       Russia's energy minister Novak (Alexander Novak) on Monday (August 15) in Saudi Arabia in the Middle East daily interview, if necessary, Russia will work with the organization of petroleum exporting countries (OPEC) open-minded stable oil prices.

       OPEC members will meet on the sidelines of the international energy BBS (IEF) meeting in Algeria on September 26-28. Saudi energy minister Khalid al-falih was quoted by the Saudi news agency on Saturday as saying that the country was trying to restore the balance of supply and demand in the oil market to support oil prices.

       In a statement on Thursday, he said oil producers might discuss a move to stabilize oil prices, which briefly spurred oil prices up nearly 5 percent on the day.

       However, Mr Novak said in an interview that "he does not expect the oil market to recover by 2017, and the current low oil price cycle could end by the end of 2017."

       At the same time, he stressed, "at least for the foreseeable future, oil prices are unlikely to return to near $100 a barrel."