Russia says open to oil cooperation with other producers

 02 Feb 2016 - 13:58

Russia says open to oil cooperation with other producers
Russian Foreign Minister Sergey Lavrov (L) attends a joint press conference with United Arab Emirates Minister of Foreign Affairs Sheikh Abdullah bin Zayed bin Sultan Al Nahyan (R) at the UAE Ministry of Foreign Affairs in Abu Dhabi, United Arab Emirates, 02 February 2016.

 

ABU DHABI: Russia is open to further cooperation in the oil market with OPEC and non-OPEC countries, Russian Foreign Minister Sergei Lavrov said on Tuesday while on a visit to Abu Dhabi.

Asked at a news conference whether Russia was open to the idea of a meeting among OPEC and non-OPEC countries to discuss stabilising oil prices, he replied through a translator:

"In the current situation it seems to me we have a common interest in continuing our work in this endeavour, and we are open to further cooperation if there is a desire from everyone to really hold this meeting spoken about by our Venezuelan friends."

He added: "The idea is there and we will be ready to implement it in all forms and aspects that everyone will agree upon."

Russian Energy Minister Alexander Novak and Venezuelan Oil Minister Eulogio Del Pino discussed the possibility of holding joint consultations between OPEC and non-OPEC countries in the near future, the Russian Energy Ministry said on Monday.

Asked whether he had discussed oil with his United Arab Emirates counterpart, Foreign Minister Sheikh Abdullah bin Zayed al-Nahayan, Lavrov replied that he was concerned with exchanging views on what was happening in the oil market.

Sheikh Abdullah did not say anything about oil at the news conference, most of which dealt with talks in Geneva on ending Syria's civil war.

International benchmark Brent oil was trading just under $33 a barrel on Tuesday, compared with mid-2014 peaks of around $115.

REUTERS