Vienna — The Organization of the Petroleum Exporting Countries (OPEC) and Russia held the ninth high-level meeting of the OPEC-Russia Energy Dialogue in Moscow on Friday, according to a joint press release.
The meeting was co-chaired by Alexander Novak, Russia’s Deputy Prime Minister, and Haitham Al Ghais, OPEC’s Secretary General.
Novak emphasized Russia’s continued role as a key player in the global oil market, stating that the country will maintain its position as a reliable supplier. He added that OPEC+ members are in constant communication to monitor market conditions and are prepared to respond flexibly to any changes. Novak highlighted the effectiveness of the OPEC+ agreement in maximizing oil production efficiency and boosting state revenues.
Al Ghais underscored the strong partnership between OPEC and Russia at all levels. He also praised Russia’s leadership within the OPEC framework, especially its role as co-chair in the OPEC and non-OPEC Ministerial Meetings (ONOMM) and the Joint Ministerial Monitoring Committee (JMMC). He described the OPEC-Russia Energy Dialogue as a dynamic platform for discussion, knowledge exchange, and collaboration.
The meeting served as an important milestone in the energy dialogue, reinforcing the strategic value of OPEC-Russia cooperation, particularly through the ‘Declaration of Cooperation’ and ‘Charter of Cooperation’ frameworks. Discussions included global oil and energy market developments, outcomes from the COP29 climate negotiations held in Baku, Azerbaijan, in November 2024, and critical issues such as energy security, the risk of underinvestment, and the role of market stability in fostering global economic growth. The meeting also reviewed the short-, medium-, and long-term outlooks for energy markets.
The ongoing collaboration between OPEC and Russia on technical and research matters was also highlighted. This included the positive results of the Fifth Technical Meeting of the OPEC-Russia Energy Dialogue, which took place via videoconference on November 15, 2024.
The OPEC-Russia Energy Dialogue remains one of OPEC’s key platforms for engaging with producing and consuming nations and international institutions. It provides valuable insights into emerging trends and industry challenges.
The next high-level meeting of the OPEC-Russia Energy Dialogue will take place in Vienna in 2025.
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