The Russian Energy minister speaks about the meeting of OPEC-non-OPEC JMMC to be held in Baku
  • ECONOMY

  • 08:33 27 February 2019

The Russian Energy minister speaks about the meeting of OPEC-non-OPEC JMMC to be held in Baku

"Outcome of OPEC+ future talks in Baku “unpredictable”", - said Alexander Novak, the head of the Ministry of Energy of the Russian Federation i an interview with Gazete.ru, ONA reports.

“In Baku in the second half of March, there will be a monitoring committee that monitors the execution of the transaction, prepares recommendations for the ministerial meeting, where all ministers from 25 countries are already gathering. Typically, between 5 and 10 ministerial representatives of countries take part in such events. We will hear the reports of the technical committees for the execution of the transaction for January and February, as well as evaluate the current situation on the market, and forecasts of the development of the situation during the first half of the year and the second half of the year, including the balance of supply and demand"- A. Novak said.

However, he found it difficult to predict the outcome of the meeting of ministers of oil countries of the world in Baku because of the unpredictability of various factors.

“Now I would not guess about those decisions that can be made. Especially considering the factors that are often unpredictable, which are significantly influenced by certain actions of individual countries. For example, the same sanctions with regard to Iran, with respect to Venezuela, are separate statements, ” said Alexander Novak.

He also noted that current oil prices are relatively acceptable for both producers and consumers.

“Today we see a more or less calm, stable situation, low volatility and more or less reasonable prices in the market,” said the Minister of Energy of Russia.

Faig Mahmudov

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