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Russian, Saudi energy ministers discuss possible options for future OPEC+ meeting

Russian Energy Minister Alexander Novak met with his Saudi counterpart Khalid al-Falih on the sidelines of the St. Petersburg International Economic Forum

Russian Energy Minister Alexander Novak Alexander Astafyev/Russian Government Press Office/TASS

Russian Energy Minister Alexander Novak

© Alexander Astafyev/Russian Government Press Office/TASS

ST. PETERSBURG, June 6. /TASS/. Russian Energy Minister Alexander Novak held a bilateral meeting with his Saudi counterpart Khalid al-Falih on the sidelines of the St. Petersburg International Economic Forum (SPIEF) on Thursday evening.

The Russian minister told journalists after the meeting no decisions on the future of the OPEC+ deal had been reached.

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OPEC+ ready to monitor oil market situation in 2H 2019, says Saudi Arabia’s minister

"We discussed [possible options]. But we did not make any decisions. We will continue to monitor [the situation]," he said. "We discussed the market situation and agreed to continue to cooperate on the oil market. This is what matters the most. All the decisions that can be made, will be made in July. Now efforts are being taken to postpone the meeting to July 4. This option is being coordinated with all the countries concerned."

According to the Russian minister, Saudi Arabia agreed to postpone the meeting to this date.

He also said they had discussed with the Saudi minister the upcoming meeting of the intergovernmental commission.

OPEC+ nations have been discussing oil production policies in the second half of the year since April. So far, no agreement on production levels has been reached due to uncertainties and geopolitical factors. The oil production cuts deal was struck in December 2018 and expires on June 30.

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Saudi Arabia Alexander Novak SPIEF 2019

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