Russia says ready to meet for talks with OPEC

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On December 22, 2015, Posted by , In News, With No Comments

Russia, the world’s top oil producer, is ready to meet for talks with OPEC and has been awaiting an invitation, Russian Energy Minister Alexander Novak told reporters on Thursday.

‘We are ready to meet and have confirmed such a possibility… But the question is in other countries… if they agree about such meeting,’ Reuters quoted Novak as saying.

On Saturday, Iranian Minister of Petroleum Bijan Namdar Zangeneh said he is doubtful whether OPEC members can bring back a balance to the crude oil market by cutting their output unless they reach a political consensus.

“In OPEC, everything depends on consensus. Right now, the member countries are mostly following the political will. It is totally evident in the current conditions while some members use oil as a political leverage,” he replied to a question in a televised interview.

“It is why I am not so hopeful about solidarity and consensus over market regulation in this organization,” he added.

‘Nine members of OPEC are on one side and 4 others are on the other.”

Zangeneh explained that power in OPEC is determined by production ceiling and surplus production capacity.

“When we reached consensus in OPEC, it was because of good interaction and political ties between Iran and Saudi Arabia. Political ties are extremely influential in this organization. One cannot say that without political ties, an interaction can be secured,” he said.

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