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World oil prices

Prime minister satisfied with cooperation between OPEC and Russia

MOSCOW, May 31. /TASS/. Russia is satisfied with its cooperation with the OPEC and decisions taken on the oil market, Prime Minister Dmitry Medvedev said on Wednesday at the meeting with OPEC Secretary General Mohammed Barkindo.

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OPEC extends agreement on oil production cut

"We have intensified contacts with the OPEC in recent years. I believe this is important for everyone because conditions developing for the OPEC countries and conditions forming in the global economy at large depend on a coordinated policy on the oil market," Medvedev said.

"No wonder many quotations existing on exchanges and even currency rates depend on meetings held in the OPEC and consultations among countries. Therefore we are happy with progress in cooperation and decisions made lately as a result of the coordinated policy," he said.

Such a setup benefits all countries because it "makes possible to find the required balance on the oil market," the Prime Minister said. Medvedev appreciated Barkindo’s participation in the forthcoming St. Petersburg International Economic Forum. "I think attendance of the OPEC Secretary General will benefit this forum," he added.

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Dmitry Medvedev Oil price OPEC

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