The meeting of Russia with the countries of the OPEC will take place in St. Petersburg


One of the interviewees said that the meeting will be attended by the representatives of the countries visited by the Minister of energy of Russia Alexander Novak during their travels and negotiations to stabilize global oil prices. In particular, the invitation has already received the heads of the ministries of oil and gas in Saudi Arabia, Qatar, Nigeria, Venezuela, Iran. These five member countries of OPEC together with Russia accounts for about 32% of world oil production.

The representatives of the other largest oil producers (USA, Iraq, Norway and Mexico) the meeting has not yet been named, the source said .

On the meeting of major oil producing countries on 20 March in Russia on Thursday announced the Agency Bloomberg with reference to the oil Minister of Nigeria Emmanuel Cacique.

Russia at these negotiations will be represented by Minister of energy Alexander Novak, the meeting is planned at the level of Ministers of oil and gas invited States, said two sources close to the Ministry, and confirmed employee of the Department. In the provisional agenda elaboration of measures to stabilize supply and demand in the oil market, oil prices rose. In fact we are talking about the freezing of oil at January 2016 and strengthen legal recognition of this agreement, said all three of the interlocutor.

Representatives from Russia, Qatar, Venezuela and Saudi Arabia agreed to freeze oil production at the level of January at a meeting in Doha in mid-February. This agreement will enter into force, if acceded to by most other manufacturers. And at a meeting of President Vladimir Putin with heads of major oil companies on March 1, Novak said that to freeze production ready in 15 countries, which account for 73% of oil production in the world.

Minister of petroleum and mines of Venezuela, Eulogio del Pino on Thursday said that in the meeting, dedicated to frozen production, will bring together more than 15 countries — OPEC members and countries outside the organization, reports TASS. The venue he did not name.

However, Iran, recently received the opportunity to export oil to Europe, refused to accede to the agreement. In Tehran explained by the fact that the country has not regained its market share after the lifting of sanctions.

According to officials of the Ministry of energy, as an alternative to St. Petersburg areas for negotiations are Moscow and Doha (Qatar).

“At present various options are being considered regarding the location and date of the meeting, which will discuss measures to stabilize oil market”, — stated in the message the Ministry of energy, published on its website. The official representative of the Ministry of energy did not confirm that St. Petersburg is already the agreed place for the meeting of oil Ministers.

The adequate price of oil from the point of view of the balance of supply and demand is $50 per barrel, said at the end of February Novak (Thursday, Brent crude was trading at $36,6 per barrel). He explained that if the oil price rises above $50-60 per barrel, this will allow companies to resume investment activity and to start earlier frozen projects. At the same time Novak said that at the meeting in March (the meeting place he did not name) can be formally recorded agreement about freezing of oil production at the January level, “And there can be fixed solutions, with some joint statements, joint papers”.