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Austria: Russia-OPEC cooperation 'imperative' to stabilise oil market - Novak02:59

Austria: Russia-OPEC cooperation 'imperative' to stabilise oil market - Novak

Austria, Vienna
October 24, 2016 at 16:26 GMT -00:00 · Published

Russian Energy Minister Alexander Novak held a joint press conference with Secretary General of OPEC Mohammed Barkindo following the Russia-OPEC energy dialogue in Vienna, Monday.

At the press conference, the Russian Energy Minister said that "the cooperation between OPEC and non-OPEC member states as well as measures that countries may take in order to achieve balance in the market are on top of the agenda."

Novak also said that "although the market today is in better state than before, it is still unbalanced," noting that "supply is higher than demand" and that "there is a very high stock of oil and oil products, historically high," which according to Novak has “an impact on the current situation as well as the future consumption of oil."

Novak stressed that "there are risks that the market may be volatile and unbalanced," remarking that "our common actions in this direction are imperative."

OPEC Secretary General Mohammed Barkindo echoed Novak's sentiments, describing the discussions of the fifth energy dialogue as "very fruitful, productive and transparent." Barkindo noted "we have reached very fine conclusions going forward to next year. I think both sides are quite satisfied with the outcome of these deliberations today."

The OPEC secretary general thanked Novak for his commitment to the energy dialogue, saying "we very much appreciate the commitment of Mr Novak to this dialogue and the process, as well the cooperation in general between OPEC and the Russian Federation."

Austria: Russia-OPEC cooperation 'imperative' to stabilise oil market - Novak02:59
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Russian Energy Minister Alexander Novak held a joint press conference with Secretary General of OPEC Mohammed Barkindo following the Russia-OPEC energy dialogue in Vienna, Monday.

At the press conference, the Russian Energy Minister said that "the cooperation between OPEC and non-OPEC member states as well as measures that countries may take in order to achieve balance in the market are on top of the agenda."

Novak also said that "although the market today is in better state than before, it is still unbalanced," noting that "supply is higher than demand" and that "there is a very high stock of oil and oil products, historically high," which according to Novak has “an impact on the current situation as well as the future consumption of oil."

Novak stressed that "there are risks that the market may be volatile and unbalanced," remarking that "our common actions in this direction are imperative."

OPEC Secretary General Mohammed Barkindo echoed Novak's sentiments, describing the discussions of the fifth energy dialogue as "very fruitful, productive and transparent." Barkindo noted "we have reached very fine conclusions going forward to next year. I think both sides are quite satisfied with the outcome of these deliberations today."

The OPEC secretary general thanked Novak for his commitment to the energy dialogue, saying "we very much appreciate the commitment of Mr Novak to this dialogue and the process, as well the cooperation in general between OPEC and the Russian Federation."

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