Hungarian Foreign Minister Announces Visit to Moscow
Minister of Foreign Affairs of Hungary Peter Szijjarto announced that he
would be visiting Moscow on 11–13 October and to discuss issues related to energy
with Russian Deputy Prime Minister Alexander Novak.
“I will be visiting Moscow to participate in Russian Energy Week from 11
to 13 October. As you know, we see co-operation on energy as the most important
part of our interaction at present,” he told TASS in an interview following a
meeting with Russian Foreign Minister Sergey Lavrov on the margins of the UN
General Assembly. “Our ability to [secure] resources depends largely on
supplies out of Russia.”
When asked whether he intended to meet with Novak in Moscow, Szijjarto replied:
“Yes, of course, [we will meet] for [discussions on] issues related to energy.”
Source: TASS.
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Alexander Novak, Minister
of Energy of the Russian Federation, co-chaired the 9th meeting of the OPEC/Non-OPEC
Joint Ministerial Monitoring Committee.
The participants
reviewed the situation on the oil market and discussed possible further steps under
the agreement. The discussion touched upon the issue of allowed production
growth, as well as proposed regulating principles for OPEC/non-OPEC countries
cooperation after 2018.
The Head of the
Ministry of Energy outlined the main indicators of the Vienna Agreement
implementation success. According to the Minister, the Agreement execution by
OPEC and non-OPEC countries reached 147% in May. Since early 2017, OPEC+
members have managed to reduce the surplus of oil reserves by 380 million
barrels. “The market sees the success of our joint efforts to reduce the volume
of stocks and reacts positively,” emphasized the Minister.
According to
Alexander Novak, today we see the signs of a steady market balance, but it is
very important not to allow ‘overheating’ of potential petroleum shortage. “The
declaration we adopted in 2016 implies flexibility and aims to stabilize the
market. This means possible actions both in case of surplus and deficit,” the
Head of the Energy Ministry noted.
Following the
meeting of the extended monitoring committee, most of its participants received
recommendations to consider at an upcoming ministerial meeting of OPEC and the
subsequent ministerial meeting with the participation of non-OPEC
petroleum-exporting countries an increase of production of 1 million barrels
per day (from the current level), distributing this amount among the parties to
the agreement.
Source: minenergo.gov.ru
