Moscow, 12 October. –Minister of Energy of the Russian Federation Nikolay Shulginov held a meeting with Malian Minister of Mines, Energy, and Water Lamine Seydou Traore on the sidelines of Russian Energy Week to discuss cooperation in the fuel and energy sector.
In particular, the two officials considered short-term and long-term prospects for cooperation in the oil and gas sector and the electric power industry.
“I am certain that collaboration between Russia and Mali in matters concerning energy will be mutually beneficial, and our cooperation will contribute to the consistent development of partnership relations between our countries and the growth of the Malian economy,” Shulginov said.
For more about the business programme, please visit the official Forum website: rusenergyweek.com.
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
