Russia does not rule out OPEC cooperation on oil market: Novak

Russian Energy Minister Novak arrives at the OPEC headquarters in Vienna. (File photo: Reuters)

Russian Minister of Energy Alexander Novak said on Tuesday that Russia has not ruled out future cooperation with OPEC to stabilize the oil market.

“I want to say the doors aren't closed,” Novak told Russian television channel Rossiya 24.

The Minister noted that just because an agreement was not reached to extend the oil output cut agreement beyond April 1 “does not mean that in the future we can't cooperate with OPEC and non-OPEC countries.”

The Organization of the Petroleum Exporting Countries (OPEC) and non-member allies, led by Russia, known as the OPEC+ alliance, had been committed to an output cut agreement to stabilize prices. The group fell apart on Friday following discussions over further output cuts to prop up prices following coronavirus-fueled demand fall, when Russia did not agree to a further 1.5 million barrel per day cut.

-With agencies

Last Update: Tuesday, 10 March 2020 KSA 13:40 - GMT 10:40