Russia and OPEC are pursuing the same goals of keeping the oil market balanced and stable, Energy Minister Alexander Novak told OPEC Secretary-General Abdullah al-Badri on Thursday. <\/p>\n
OPEC decided in June to keep oil production unchanged in a bid to defend its market share. Russia has also refused to take any action to support oil prices which have more than halved since last year. <\/p>\n
“The global oil market is being affected by various political factors. In particular, … the agreement on Iran … and its consequences … will have an impact on the market,” Novak said during a visit to Moscow by Badri. <\/p>\n
“Therefore we, Russia and OPEC members, being responsible participants on the global oil market, should conduct our policy based on the full … understanding of its key factors and characteristics. Here we are pursuing the common goals of keeping the market in a balanced and stable state,” he said, according to a statement from the Energy Ministry. <\/p>\n
Brent was trading at $53.7 per barrel on Thursday, down from around $106 a year ago. <\/p>\n
Earlier, Novak said Moscow had no plans to discuss oil production cuts with OPEC, saying an oil price of between $50 to $65 per barrel was “expected”. <\/p>\n
On Thursday, Badri said he expected oil prices to stabilise next year and to remain so over the long term. <\/p>\n
“Prices will stabilise in 2016, we expect stability on the oil market over the long term … We have all suffered from instability on the market and price volatility,” Badri said in comments shown on Rossiya-24 television. He did not name a price.<\/p>\n","protected":false},"excerpt":{"rendered":"
Russia and OPEC are pursuing the same goals of keeping the oil market balanced and stable, Energy Minister Alexander Novak told OPEC Secretary-General Abdullah al-Badri on Thursday. OPEC decided in June to keep oil production unchanged in a bid to defend its market share. Russia has also refused to take any action to support oil prices which have more than halved since last year. “The global oil market is being affected by various political factors. In particular, … the agreement on Iran … and its consequences … will have an impact on the market,” Novak said during a visit to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[133],"tags":[],"class_list":["post-26524","post","type-post","status-publish","format-standard","hentry","category-oil-gas"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/26524","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=26524"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/26524\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=26524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=26524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=26524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}