Minister of energy of the Russian Federation Alexander Novak has no plans to participate in the upcoming OPEC meeting in Vienna, scheduled for Wednesday, November 30. “That’s not necessary”, – he said to journalists, reports RIA “Novosti”.

According to Novak, Russia is ready to continue negotiations after the country’s cartel reached a consensus among themselves. “We need to get OPEC held a meeting. Of course, if there is a consensus and the decision of OPEC will, we will agree in the nearest future”, – said the head of the Russian Ministry of energy.

23 November, Novak stated that Russia has not yet received an invitation to participate in the OPEC meeting on November 30, and, in his opinion, it’s too early, as countries had not held consultations at the expert level. “Following the consultations, the situation is more or less clear”, – he noted. The Minister also said that Russia will take part in the consultations on the expert level with the organization of the November 28, imparted Reuters.

We will remind, originally the meeting of experts of the OPEC countries and countries outside the cartel, was to take place on 28 November. As expected, her organization had to make the final decision on the agreement on limiting its oil production.

However, due to internal disagreements, the meeting was cancelled. A new meeting date has been set for November 30.

The Agency Bloomberg earlier reported that before the Ministerial meeting of OPEC, the organization will hold a meeting with representatives of Russia and other members of the cartel of oil producing countries. Later it became known that the meeting will not take place.

Bloomberg also reported that Novak on Tuesday will hold in Moscow a meeting with colleagues from Algeria and Venezuela, where it is planned to discuss the agreement the oil-producing countries to stabilize the market.

In late September, the cartel’s informal meeting in Algeria agreed on a restriction of output in the range of 32.5-33 million barrels of oil per day, but specific limits while there is no agreement.

Russian President Vladimir Putin in September at a press conference following his visit to the G20 summit in Hangzhou said that the current oil price on the world market is beneficial for Russia, however, is unfair. In opinion of experts, Russia to leave on the balanced budget required an increase in average oil prices to $ 69 per barrel.

Minister of energy of Russia Alexander Novak plans to meet with OPEC in Vienna 29.11.2016

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