Date: a month ago   Category: Energy

Novak told about future format of cooperation of the countries of OPEC — Rambler News Service


Member countries of the agreement on reduction of level of production of oil (OPEC) intend to cooperate on a constant basis, having created regular debatable structure which will regulate if necessary oil production volume. The Minister of Energy of the Russian Federation Alexander Novak in an interview to the Japanese edition Nikkei reported about it. According to him, there is a prospect of achievement of basic consent on it at a meeting at the beginning of July of the current year. "Thus the OPEC will create the long-term system of cooperation for stabilization of the prices of oil", - he noted. The Minister of Energy Novak reported that now there is a final coordination of transfer of meetings of OPEC and OPEC since June 25-26 for the beginning of July and also initialing of the Charter which will approve the long-term relations of cooperation. According to him, the charter will define OPEC as constant debatable structure, will establish a format and frequency of meetings and also an opportunity in need of making decisions on oil production reduction. It is supposed that it will be not constant body with strong powers for consolidation of participants, and soft frame structure of interaction. In Nikkei interview Novak also reported that by 2035 liquefied natural gas production (LNG) in Russia will increase almost by 5 times and will reach about 20% of a share in world production. It noted that it up to 70% of LNG will be exported on the market of the Pacific Rim. On December 5-7, 2018 in Vienna there took place negotiations of the countries of OPEC and the states which are not entering into cartel participating in the agreement on reduction of level of production of oil. Following the results of negotiations of the country of OPEC reached the agreement on reduction of level of production of oil since January 1, 2019 on 1.2 million barrels a day to the level of October, 2018. At the same time the countries of OPEC will reduce oil production within the transaction by 800 thousand barrels the day which is not entering into cartel of the country — in total on 400 thousand barrels a day. Russia will reduce oil production by 228 thousand barrels a day.

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