Russia will continue to cooperate with OPEC in the hope of an increase in oil quotes

19.07.2017

Russia is ready to continue working with OPEC in order to help balance the supply and demand in world markets. This is reported by Reuters, citing a source in the energy circles of the Russian Federation. He also said, that Moscow welcomes Saudi Arabia's approach to solving the problem of increasing production volumes in Libya and Nigeria.

 

"We are welcome the constructive approach and flexibility of our partners in solving the problems that arise on the way to a balanced market," said a source close to the Russian delegation negotiating with OPEC.

 

"Russia itself is fully committed to the spirit of the initiative aimed at stabilizing the world crude oil markets, and will continue to work with other countries to achieve this goal."

 

On Tuesday, a source in Saudi Arabia said, that the Kingdom hopes to compensate for production growth in Libya and Nigeria by adjusting the offer elsewhere. However, in the Kingdom they stressed the need to work together with other producers.

 

Oil production in Nigeria and Libya in recent weeks reached a multi-year high, which slowed the long-awaited balancing of the balance of the world oil market.

 

As reported OilNews, July 24 in St. Petersburg will bring together six ministers from OPEC and non-cartel states to discuss the issue of compliance with production cuts and the transition to market rebalancing. The invitation to the summit was also received by Libya and Nigeria, with which the representatives of OPEC + group intend to hold consultations on the level of extraction of "black gold".

Source:oilnews

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