Russia continues talks with OPEC, non-OPEC countries

Russia is in talks with the ministers of OPEC and non-OPEC countries about the current situation in the global oil market, Russian Energy Minister Alexander Novak told reporters, Report informs referring to TASS news agency.

“We believe that in these conditions this isn’t the best option [increasing oil production], it would be right to maintain production at the levels achieved in the first quarter,” said the minister. “We took such an initiative, but, unfortunately, our partners [on OPEC+] didn’t agree with our proposal.”

On March 12, Novak will hold a meeting with representatives of oil companies, where the sides will discuss production plans and the situation in the market.

“We regularly hold meetings, and the next one is scheduled for tomorrow,” the minister noted. “This will be a regular meeting, but we will also discuss the situation that is developing in the oil market, production plans, and further work.”

Following the OPEC+ meeting on March 6, the participating countries failed to agree on the parameters of a future deal, while on March 11, OPEC recommended increasing oil production cuts by 1.5 million barrels per day for the second quarter alone and extending current restrictions by 1.7 million barrels per day.

After this, over the weekend, Saudi Arabia decided to lower prices for its supplies and increase production to boost its market share.