Russia plans to collaborate with OPEC

Russia plans to improve collaboration with the Oil Producing and Exporting Countries (OPEC) and other independent oil producers, Aleksei Aleksandrov, spokesman for the Russian Energy Ministry, said at the meeting of the expert group of the OPEC and other independent oil producers in Vienna today.

According to him, Russia is prepared to more closely monitor the situation on the raw materials markets, in particular the ratio of demand for and supply of oil and oil products, in order to ensure genuine stabilisation on the global raw materials markets and price formation that would benefit producer countries and oil consumers.

This stand of Russia is based on strategic priorities in determining the energy policy, Aleksandrov said. He confirmed that Russia calls for the development of cooperation between the OPEC and major oil exporting countries that are not cartel members.

The Moscow decision to reduce oil exports in the period from January 1 to June 30 was a major step towards the implementation of cooperation agreements that helped to stabilise the global raw materials markets and keep oil prices within a favourable corridor of 22-28 USD per barrel, said the spokesman.