Alexander Novak chaired a meeting of the Russia-OPEC Energy Dialogue
Alexander Novak chaired a meeting of the Russia-OPEC Energy Dialogue
OPEC Secretary General Haitham al-Ghais at a meeting of the Russia-OPEC Energy Dialogue
Alexander Novak chaired a meeting of the Russia-OPEC Energy Dialogue
Alexander Novak chaired a meeting of the Russia-OPEC Energy Dialogue
Alexander Novak chaired a meeting of the Russia-OPEC Energy Dialogue
Deputy Prime Minister of the Russian Federation Alexander Novak and OPEC Secretary General Haitham al-Ghais, as co-chairs, held the ninth high-level meeting in the format of the Energy Dialogue between the Organization of Petroleum Exporting Countries (OPEC) and the Russian Federation in Moscow.
“Russia is a key player in the oil market, maintaining its status as a reliable supplier. OPEC+ member countries are in constant contact, monitor the market situation, and are ready to respond flexibly and quickly to any changes in market conditions. The current mechanism for implementing the OPEC+ agreement is the most effective tool for maximizing the efficiency of oil production and state revenues,” said Alexander Novak.
He emphasized the importance of partnerships between the Russian Federation and OPEC at all levels and praised the leading role that the Russian Federation plays within the framework of the Declaration of Cooperation as co-chair of the OPEC and Non-OPEC Ministerial Meetings (ONOMM) and the meetings of the Joint Monitoring Committee at ministerial level (JMMC).
The Secretary General also praised the Russia-OPEC Energy Dialogue as a dynamic platform that promotes discussion, exchange of knowledge and views between the two parties.
“Our common goal is to ensure market stability, which will provide all favorable conditions for both producers and consumers of energy resources. It is important to emphasize that the Russia-OPEC Energy Dialogue, as well as the Declaration and Charter of Cooperation, provide for work in the short, medium and long term. They are aimed at ensuring the work of OPEC and Russia, as well as the stability of the energy market in the future,” Haitham al-Ghais emphasized.
The meeting was an important milestone in the energy dialogue. It emphasized the strategic importance of cooperation between OPEC and the Russian Federation, including within the framework of the Declaration of Cooperation and the Charter of Cooperation. Discussions focused on developments in the global oil and energy markets and the results of recent climate change negotiations at the COP29 conference, which took place in the Azerbaijani capital Baku from November 11–22, 2024, as well as various issues related to the oil and energy industries, including energy security issues, the risk of underinvestment and the importance of market stability as a driver of global economic growth. The meeting also discussed short-term, medium-term and long-term prospects for the development of energy markets.
The value of continued cooperation between OPEC and the Russian Federation at the technical and research levels was also emphasized. In this context, the meeting participants noted the positive results of the fifth technical meeting within the framework of the Russia-OPEC Energy Dialogue, held on November 15, 2024 via videoconference.
The energy dialogue between Russia and OPEC is one of the key dialogues conducted by the organization with numerous oil producing and consuming countries, as well as international organizations in order to obtain information, study new trends and problems in the industry. It was decided that the next high-level energy meeting in the format of the OPEC-Russia Energy Dialogue will take place during 2025 in Vienna, the capital of Austria.