Moscow: Global oil market is balanced thanks to OPEC+

Economy

22-11-2024, 21:49

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Followed by-INA
Russian Deputy Prime Minister Alexander Novak confirmed today, Friday, that OPEC+ assesses the situation in the global oil market as balanced, and will decide its future steps at its meeting next month.

Novak said during the energy dialogue session between Russia and OPEC, which was held today, Friday, in the Russian capital, Moscow, that "Russia is a major player in the global oil market, and maintains its position as a reliable supplier," indicating that "OPEC+ countries are in constant contact and monitor the situation in the global oil market, and are ready to respond flexibly and quickly to any changes."

He added that "the current mechanism for implementing the OPEC+ agreement is the most effective tool for maximizing the efficiency of oil production and state revenues," praising "the cooperation between Russia and OPEC."
During the session, "it was agreed to hold the next dialogue session between Russia and OPEC next year 2025 in Vienna."