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Russia to continue coordination with OPEC on oil market after OPEC+ deal is over

January 21, 2018, 16:20 UTC+3 MUSCAT

According to Russian Minister of Energy Alexander Novak, more countries can join the agreement

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Russia's Energy Minister Alexander Novak

Russia's Energy Minister Alexander Novak

© Anton Novoderezhkin/TASS

MUSCAT /Oman/, January 21. /TASS/. Russia plans to continue joint coordination with OPEC countries on the oil market after the oil production cut deal is over, Russian Minister of Energy Alexander Novak said on Sunday.

"As for joint coordination on the oil market, the past year has demonstrated that this was a successful and positive experience that can be used in future, if need be. All will depend on expediency and necessity. Any joint actions reach their goals. We have agreed earlier and agreed today that this format of cooperation between OPEC and non-OPEC countries can be used as a consultations format after the deal is over," he said.

According to Novak, more countries can join the agreement. "It was very useful and right both for our country and for consumers," he added.

Oman’s capital city of Muscat on Sunday hosted the seventh meeting of the OPEC+ monitoring committee to discuss current results of the deal’s implementation. The ministers noted that the level of the deal’s implementation had exceeded 100% in the past five months. Oman's Minister of Oil and Gas, Mohammed bin Hamad Al Rumhy noted that among the factors contributing to these results was oil production cuts in such countries as Venezuela and Mexico.

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