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Russia Energy Week: Ministers discuss energy markets amid global instability

Published: Updated:

Energy leaders from across the world have convened at Moscow for a week to discuss matters ranging from the global energy outlook to challenges in the development of renewable energy.

The Russian Energy Week International Forum, entering its second day on Thursday, featured a panel on maintaining energy connectivity in an unstable world. Ministers in attendance included Saudi Arabian energy minister Prince Abdulaziz bin Salman and Alexander Novak, Russia’s energy minister.

“The demand for oil will be lower in 2019 from 2018 and the growth will be 1.8 million barrels per day, last year it was 1.5 million barrels per day, and the demand is affected by the status of the global economy,” Novak said during the panel discussion.

“There are some concerns about recessionary forces that are seen, however that is a gloomy picture that’s been drawn where people are adding more fire to this sense of skepticism about the future … The only way to overcome this negative perception is a quick resolution to the trade issue,” said Prince Abdulaziz.

“By our agreement with OPEC+ we should have been producing 10.3 million barrels per day, we elected to voluntarily cut our oil production to a lower level than that,” he added.

Prince Abdulaziz on Wednesday said that the OPEC+ alliance, the group of OPEC and non-OPEC countries committed to maintaining oil supply cuts to support prices, as having gone beyond a temporary arrangement and “gone to a long-lasting relationship.”

“We lack predictability on the oil market and it is very difficult to make any forecasts … We need to be focused on coordination of our efforts … to make sure that the possible upcoming volatility can be mitigated by joint action,” Novak said on Wednesday.