OPEC General Secretary Optimistic About Reaching Agreement With Russia On Oil Export Reduction

Secretary General of the Organisation of Petroleum Exporting Countries (OPEC) Ali Rodriguez Araque is optimistic about reaching an agreement with Russia on adequate reduction of oil export volumes. According to Rodriguez, OPEC and Russia face a sharp fall in crude oil prices in the world commodity markets not for the first time and are capable of finding a way out of the situation. Specifically, in 1998-1999 Russia played an extremely positive role and made its significant contribution in stabilising the oil markets and setting fair prices of oil resources, the head of the world oil cartel stressed. He is sure that Russia will finally agree with OPEC, the more so that the world cartel fully respects the sovereignty of independent oil producers. The OPEC Secretary General emphasised that the world cartel and Russia established very good relations and Moscow understands the situation in the world commodity markets pretty well. According to Rodriguez, OPEC is prepared to wait for Russia's decision and reaching an agreement with Moscow as long as necessary.