Russia says looking at joint organisation for cooperation with OPEC

Russian Energy Minister Alexander Novak said a joint organisation for cooperation between OPEC and non-OPEC countries may be set up once the current deal on oil output curbs expires at the end of this year.

He also said that he and his Saudi Arabia counterpart, Khalid al-Falih, discussed long-term cooperation and that the current “mechanism of interaction” has proved to be effective.

“We are now thinking about a format for cooperation which could be for the longer-term, which would include the possibility of market monitoring, information exchange and if needed the implementation of some joint actions,” Novak told reporters.

He said that Russia joining OPEC is not on the agenda for discussions.

Novak is part of a delegation of Russian officials led by President Vladimir Putin that arrived in Turkey on Tuesday for talks.

Source: www.hellenicshippingnews.com