Russia rules out coordination with OPEC and suggest the continuing decline in oil prices
Date: 20/07/2016 11:39
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Information / Baghdad ..
Russian Energy Minister Alexander Novak, said on Wednesday, he ruled out a possible coordination with the Organization of the Petroleum Exporting Countries (OPEC) on oil production after trying to install production levels earlier this year failed, with likely continued decline in oil prices during the current year.
He Novak in an interview with "Reuters" that his country expects to focus its cooperation with OPEC on the exchange of information and analysis on global oil markets rather than production format, indicating that it is likely to meet with the Saudi Energy Minister Khalid al-Falih during a conference in Algeria the end of September, although it the conference will be the first since the appointment of al-Falih in office in May, succeeding veteran oil minister Ali al-Naimi.
The Russian minister, "he said clearly we will discuss the situation valuable oil market (Global)", stressing that he would discuss with Falih also the possibility of entering into joint ventures in the energy sector in Russia, Saudi Arabia and other countries.
He pointed out that Russia's expectations for oil prices to remain unchanged at the range of 40 to $ 50 a barrel this year, indicating that the chances are low price for it because of the seasonal slowdown of demand. Finished / 25