Russia underlines need to take “common measure as soon as possible” to stabilize oil market

APS : Tuesday, 27 September 2016
ALGIERS- The Russian Minister of Energy Alexandre Novak underlined Tuesday, in Algiers, the need to take “common measures as soon as possible,” to stabilize the oil market.
“It is necessary to take common measures as soon as possible, to stabilize the oil market,” Novak told the press at the end of the audience granted to him by Sellal on the sidelines of the International Energy Forum (IEF), taking place at the International Conference Centre Abdelatif Rahal.
He said that nevertheless, the elaboration of a “concrete solution is a quite difficult process,” underlining that all the countries are in different situations, including their economic situation and their ability to influence the oil market.”
The Russian minister of Energy said that the forum gives the present ministers and delegations “the possibility” to hold consultations on the matter, adding that on the sidelines of this event, there were many bilateral meetings between ministers and delegations, including the non-members countries of the OPEC.
For Novac, these consultations continue and the forum was intended for “exchange,” adding that “for decision making, the OPEC needs a formal meeting.”
“The non-members countries of the OPEC are ready to act. That is why we await a consensus in the framework of the OPEC,” he underlined.
Evoking his discussions with Sellal, the Russian minister and co-president of the Algerian-Russian Joint Commission said that they discussed cooperation in the energy field and the possibility to organize a session of this commission before the end of the year.
We broached the possibility to develop cooperation in several fields, particularly agriculture and digital technology,” he added.

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