Russia continues dialogue with OPEC: Novak

Russian Energy Minister Alexander Novak. (File photo: AP)

Russian Energy Minister Alexander Novak said that the country continues a dialogue with OPEC on Wednesday.

The minister added that Russia will send its representative to the Joint Technical Committee (JTC) panel of the Organization of Petroleum Exporting Countries (OPEC) in Vienna on March 18. Novak said that the current oil market is unstable due to the coronavirus outbreak.

Following the breakdown of talks on Friday between OPEC members and Russia on securing a further output cut of 1.5 million barrels per day, lines have been drawn in an oil market price war.

According to sources, Russian oil firms and Novak are due to meet today to discuss future cooperation with OPEC. Russian energy firms Rosneft and LUKOIL were trading down on the Russian stock exchange on Tuesday.

With agencies

Last Update: Wednesday, 11 March 2020 KSA 10:22 - GMT 07:22