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OPEC+ cooperation should include issues of joint investments, says Russian energy minister

"We believe and OPEC+ partnership should not be reduced merely to the market analysis and coordination of production volumes", Alexander Novak said

JEDDAH, May 19. /TASS/. Partnership among the OPEC+ nations should not be reduced merely to world oil market monitoring and agreement of volumes under the oil production cuts deal, but also include issues of joint investments and technological cooperation, Russian Energy Minister Alexander Novak said on Sunday.

"I am sure all market players want our solidarity and responsible approach to stay in place. At the same time, we believe and OPEC+ partnership should not be reduced merely to the market analysis and coordination of production volumes. Other issues of mutual interest, such as investment and technological cooperation, coordination of actions on the environmental agenda, are no less important," he said at a meeting of the Joint OPEC/Non-OPEC Ministerial Monitoring Committee (JMMC).

The ministerial meeting of the OPEC+ monitoring committee in the Saudi city of Jeddah is taking place on Sunday. Eight countries are members of the ministerial monitoring committee, namely Saudi Arabia, Russia, Kuwait, Algeria, Venezuela, as well as the recently invited United Arab Emirates, Kazakhstan and Iraq. Russia and Saudi Arabia co-chair the committee. After the meeting, the ministers are expected to announce the results of the compliance with the so-called Vienna deal on cutting oil output. A source earlier told TASS that the compliance rate in April had been 168%.

Today’s meeting will also analyze the situation on the global oil market and issue recommendations on the deal for the upcoming OPEC+ conference in Vienna.

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Alexander Novak

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