Russia happy with latest OPEC conference decisions
Russia is satisfied with the outcome of the recent ministerial meeting of oil exporters, Foreign Ministry spokesman
Mikhail Kamynin has told when asked to comment on the OPEC conference results.
"As expected, the decision was made to maintain the quota for oil production at its current level of 28 mm bpd. Given
that the market has enough crude, this facilitates price stability," the diplomat said.
OPEC energy ministers "noted the important role of countries which are not OPEC members, including Russia, in
increasing the production of oil which at present makes it possible to balance out the growth of supply and demand
for oil on the world market", Kamynin went on to say.
According to him, "the OPEC leadership has confirmed its readiness to broaden cooperation with Russia, including
within the framework of our chairmanship in G8".
Speaking at the meeting, the president of OPEC and the Nigerian state minister for oil resources, Edmund [Maduabebe]
Daukoru "highly praised the decisions ofthe St Petersburg summit on energy security, which reflected the need for
strengthening partnership between producers and consumers of energy resources, including invigorating a dialogue to
ensure security of both supply and demand".
Such a comprehensive approach is "the only possible step to attract major investment into the oil producing
industries, which is vital for the global energy production", the Russian Foreign Ministry spokesman said.
