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Russia’s Energy Minister to meet with OPEC Secretary General in Vienna Sept 16.

September 16, 2014, 3:12 UTC+3 VIENNA
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VIENNA, September 16 (Itar-Tass) - Russia’s Energy Minister Alexander Novak is expected to hold a meeting with OPEC Secretary General Abdullah Salem al-Badri in Vienna on Tuesday, September 16.

On the Russian side, the meeting will be attended by leading experts of analytical agencies and executives of largest oil producers. The key items on the agenda include the prospects for development of the oil market, the main changes in the Russian oil companies’ export operations, and the specificity of production at deposits of hard-to-recover oil nowadays.

Oil prices fell to a two years’ low on Monday. Brent oil went down 0.9% to $ 96.57 per barrel in London, or to the mark registered July 2, 2012.

In case of a continued slide, highly valued oil will leave the market and the price would be restored mechanically, al-Badri told The Wall Street Journal last week. However, he said the prices could get back to the levels exceeding $ 100 per barrel later this autumn, he said.

International Energy Agency has published a forecast saying the growth of global demand for oil will slow down to 0.9 million barrels a day this year.

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