MOSCOW, January 10. /TASS/. The Russian Ministry of Energy has received an invitation to a meeting of the Ministerial Committee for monitoring implementation of OPEC agreement on reducing oil production, which will take place in Vienna on January 21-22, the Ministry told TASS.
- Russia plans to increase oil exports in 2017
- Russia’s energy minister doubts oil price will get back to 2014 level
- Novak: oil-output cut agreement not to affect Russia’s long-term contracts
- Central Bank Chief says OPEC deal makes scenario with oil price growth more feasible
- Russian oil companies to form working group on monitoring oil production cut
- Russia’s Energy Minister Novak sees no threat in possible shale oil output growth
"We have received the invitation, has not yet decided who will go," a representative of the Ministry told TASS.
Venezuela's Oil Minister Eulogio del Pino told reporters earlier, that Russia may enter the Ministerial Committee for monitoring implementation of OPEC agreement on reducing oil production, in accordance with the agreement reached by the organization.
According to him, Russia’s Energy Minister Alexander Novak will be invited to join the committee, which will also include representatives of Kuwait, Venezuela and Algeria from OPEC, and some countries outside of OPEC that will be decided later.
On November 30, OPEC countries agreed to cut oil production to 32.5 mln barrels per day, which means those countries agreed to reduce their daily average output by 1.164 mln barrels starting January 1, 2017. Together with 11 countries outside of the organization, reduction of oil production will total 1.7-1.8 mln barrels per day.