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Russia is not Going to Join OPEC
March 13, 2017 23:25


Russia is not considering the issue of joining the Organization of the Petroleum Exporting Countries (OPEC). This was reported by the Russia’s Energy Minister Aleksandr Novak within the frame of the CERAWeek Forum held in the American Houston (Texas), according to TASS.

“Today we are not considering the option of Russia joining OPEC, but our interaction with oil-exporting countries showed the necessity and feasibility of cooperation” - the Minister noted. According to his data, due to the lack of interaction with OPEC, the world industry has been unable to receive the additional 500 billion dollars of investments in recent years.

Novak also told that the Russian oil and gas complex had successfully overcame the sanctions of the United States, and companies have been able to reduce the prime cost of fuel production, which is an average of 10 to 15 dollars per barrel. “Oil production in Russia has grown by 400 thousand barrels over 2 years. We are open to foreign companies who want to participate in the implementation of projects in Russia” - he added. The Secretary General of OPEC Mohammed Barkindo, in his turn, stated that the organization had enough support from Russia at the moment.


Author: Anna Dorozhkina


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