Novak asks for closer cooperation with OPEC

According to Russian Energy Minister Alexander, Novak Russia needs to strengthen cooperation with members of the oil producing group OPEC, in the natural gas industry. Cooperation between the Organization of the Petroleum Exporting Countries and another energy group, the Gas Exporting Countries Forum (GECF), could be enhanced, Novak told an online conference of Russian and OPEC officials. Russia has been an active member of the GECF and Moscow has also been working closely with OPEC on reducing crude output to boost oil prices. Novak considers a recovery of the global economy and oil market had been “difficult” in the face of uncertainties, including lockdowns in relation to the pandemic.

OPEC and other large oil producers led by Russia, a group known as OPEC+, will meet on Nov. 30-December to decide on ways to stabilise the oil markets as demand has been hammered a slump in demand caused by the coronavirus crisis.