MOSCOW, November 22. /TASS/. The oil market is currently in the balanced condition achieved owing to action of OPEC+ countries and Russia on the adjustment of production levels, Russian Deputy Prime Minister Alexander Novak told reporters after the Russia - OPEC energy dialog.

"We are discussing the current situation and forecasts [with OPEC]; we assess that the market is now balanced. Firstly, owing to actions of OPEC+, concerted efforts on performance of quotas, performance of voluntary obligations of countries - OPEC+ members, the market is now balanced."

Short-term and long-term forecasts, action plans and interaction between Russia and OPEC in the next year were discussed at the meeting with OPEC Secretary General Haitham Al Ghais.

"We presented the updated energy strategy by 2050 to our colleagues and discussed the opportunity for cooperation between Russia and OPEC countries in the field of technology development and implementation of modern technologies. Such effort is very important to provide for energy security and reliability in our industry," Novak said.

"We monitor the current situation on a monthly basis and make all the necessary decisions to support the oil market stability," he stressed.

The parties also agreed that the next high-level energy meeting in the Russia - OPEC energy dialog format will take place in Vienna in 2025.