He said that while Russia was not a member, it was a very important country for OPEC and that OPEC was interested in developing relations with Russia.
Mr. Rahman noted that relations between Russia and OPEC have considerably improved recently. He said that cooperation had expanded and that OPEC intended to develop all aspects of its relations with Russia: oil supplies, prices, the oil market, and production.
He said that if necessary, OPEC member countries were capable of boosting oil output by 2.5 million barrels a day before the end of the year.
Mr. Rahman said that OPEC countries had fears about an increase of supplies on the markets, which could be speculative gambling.
He said that in order to change the current situation on the world market, OPEC had already decided to double its output and increase it even more if needed.
In his opinion, oil will remain an important factor on the world markets over the next few years, and therefore, investments into the sector were necessary. He said that currently it was difficult to predict the amount of investments.
The expected amount of investments is not clear, he said and added that it would depend on the increase of supplies and prices as well as the policies of non-OPEC countries.
Mr. Rahman said that it was necessary for all OPEC members to work for the stability of the oil markets.
