Welcome, Guest!

lost your password?

Ministry of economic development of the Russian Federation

Russia to participate in OPEC+ technical committee in March

11.03.2020

Russia’s representatives will participate in the meeting of the OPEC+ technical committee in March, Energy Minister Alexander Novak told reporters on Wednesday.

"Yes, our representatives will be present. I will repeat myself: the format of our relations within the framework of the charter (cooperation of oil-producing countries) has remained as we continue monitoring the situation with our colleagues," he said.

Earlier a source in the Energy Ministry told TASS that the OPEC+ Joint Technical Committee (JTC) involving Russia would be held on March 18.

OPEC+ ministers failed to reach an agreement on further parameters of the crude production cap deal at the talks on March 6. OPEC proposed to deepen production cuts by another 1.5 mln barrels per day until the end of this year, while Russia and Kazakhstan opposed the proposal. All output cuts will be removed starting April.

Russia and Saudi Arabia have already announced plans to boost crude production by 250,000-300,000 barrels per day and by 300,000 per day to 12.3 mln barrels, respectively.

Despite the failed talks, the OPEC+ cooperation mechanism will remain. Particularly, the ministerial committee on compliance monitoring will continue monitoring the market and can call a meeting if required. However, Saudi Arabian Energy Minister Prince Abdulaziz bin Salman told Reuters earlier that he fails "to see the wisdom for holding meetings in May-June that would only demonstrate the failure in attending to what we should have done in a crisis like this and taking the necessary measures."

Source: TASS



← previous   archive   next →



26.05.2020 - 29.05.2020
27.05.2020 - 29.05.2020
27.05.2020 - 29.05.2020
28.05.2020 - 30.05.2020
03.06.2020 - 05.06.2020
04.06.2020 - 06.06.2020
08.06.2020 - 09.06.2020
10.06.2020 - 13.06.2020
10.06.2020 - 14.06.2020
16.06.2020 - 18.06.2020
19.06.2020 - 21.06.2020
23.06.2020 - 25.06.2020
23.06.2020 - 25.06.2020
23.06.2020 - 25.06.2020
24.06.2020 - 25.06.2020
25.06.2020 - 25.06.2020
27.06.2020 - 28.06.2020
07.07.2020 - 08.07.2020
07.07.2020 - 10.07.2020
24.08.2020 - 26.08.2020
02.09.2020 - 05.09.2020