OPEC satisfied with Moscow talks

The OPEC leaders are satisfied with the Moscow talks between OPEC Secretary General Alvaro Silva Calderon and Russian energy minister Igor Yusufov held on Tuesday.

OPEC "does not see a threat to the world market stability connected with Moscow's refusal to extend the decision on cutting its oil export volumes", Calderon said.

Moreover, the decision corresponds to the Russian national interests and does not damage "the harmony in the relations between Russia and OPEC concerning settlement of topical energy problems connected with the situation on the world raw materials market and crude oil price formation", the OPEC Secretary General believes.

"Russia and OPEC have come to terms about the most important aspects, leading to stabilizing the world raw materials markets and creating conditions favourable for the optimum oil prices," he said.

The OPEC leadership noted with satisfaction that Moscow welcomed the idea of developing and expanding the dialog between the oil exporting and oil consuming countries. The idea will be developed at the regular 121th conference of OPEC energy and oil ministers, due in Osaka, Japan, according to the OPEC Secretariat General in Vienna.