VIENNA (Sputnik) — On the sidelines of the 6th OPEC International Seminar in Vienna, El-Badri met with Russian Energy Minister Alexander Novak. The parties discussed mutual cooperation as well as the current market situation.
"It [OPEC-Russia cooperation] is working and fruitful."
OPEC’s International Seminar is taking place in Vienna on June 3-4. The event brings together representatives of the 12 OPEC member states, as well as scholars and major oil companies. The attendees are expected to discuss extraction quotas.
Global oil prices have drastically dropped due to market oversupply. In November 2014, the Organization of the Petroleum Exporting Countries (OPEC) decided to maintain its oil production levels.
After reaching $45-per-barrel levels at the start of 2015, crude prices have stabilized at $60-$65 per barrel.
