Alexandre Novak: Algeria, Russia contributed oil price stabilization
APS : WEDNESDAY 20 SEPTEMBER 2017
ALGIERS-Russia’s Energy Minister Alexandre Novak said Wednesday in Algiers that Algeria and Russia had contributed to the stabilization of oil price on the international market.
“Our two governments have contributed to balancing oil price under the cooperation with OPEC (Organization of Petroleum Exporting Countries) members and non-OPEC ones,” affirmed Novak in a speech at the opening of the 8th Algerian-Russian Joint Committee.
In the face of the sharp decline of oil price since mid-2014, OPEC and non-OPEC producer countries, including Russia, agreed in December 2016 in Vienna to work together to reduce their oil production from around 1.8 million bpd from January 2017 to 1.2 million bpd by OPEC and 600,000 bpd per eleven non-OPEC countries (Russia, Azerbaijan, Brunei, Bahrain, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Sudan and Southern Sudan).
As regards energy cooperation, “Algeria and Russia, which members of the Forum of gas exporting countries, have common position within this forum on the main issues.”
According to the Russian official, bilateral energy cooperation has existed for many years and has been strengthened by the setting-up of the working group on energy.
In this regard, he spoke of the MoU between Sonatrach and Russian oil group Rosneft in the fields of prospection, infrastructures and hydrocarbon transport.