OPEC has invited the countries outside the cartel to take part in a meeting in Vienna
OPEC has invited oil producing states outside the cartel to take part in a meeting in Vienna. This was announced at a press conference by Minister of Energy of the Russian Federation Alexander Novak. The meeting has been scheduled for November 30th.
The question of the interaction of the OPEC and non-OPEC and measures for the market re-balancing are on the agenda. Today we have confirmed once again that the market is unbalanced, today we see an excess of supply over demand. Besides, the investment has fallen, there are some risk regarding the market volatility that, in principle, is not profitable for both exporters and consumers. Our actions are very topical.“ – Novak said.
He also recalled that at the moment the cartel was working at the details of clear specific proposals. “We’ve always talked about the readiness to participate in these processes and today, before making a decision of the OPEC, we are studying various options and mechanisms of the OPEC and non-OPEC participation in the development of joint solutions.”, – said the Minister of Energy.
In addition, he added: “We agreed that the work would continue at the expert level on 28-29 October in Vienna in order to offer the best option, which would suit everyone.”