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Russia Ready to Take Part in OPEC Consultations - Energy Minister

© AP Photo / Hasan JamaliOil production.
Oil production. - Sputnik International
Russia is ready to take part in consultations with OPEC.

Oil pump jack - Sputnik International
Oil Production in Russia to Drop to 310Mln Tons by 2035
SOCHI (Sputnik) — Moscow is ready to participate in consultations with the Organization of the Petroleum Exporting Countries (OPEC) on the current situation on the global oil market, Russian Energy Minister Alexander Novak said Saturday.

"There have been proposals from some of the OPEC countries, as well as some oil-exporting countries that are not part of OPEC, to discuss the situation on the oil market at the level of experts. We are ready to participate in such consultations," Novak told journalists on the sidelines of the International Investment Forum in the Russian southwestern city of Sochi.

In July, Moscow hosted the fourth Russia-OPEC meeting with the next one scheduled to take place in the second half of 2016 in Vienna.

The meeting of OPEC oil ministers will be held on December 4.

Global oil prices dropped from $100 to $45 per barrel for Brent crude in the second half of 2014, due to global oversupply. In November 2014, OPEC chose to maintain oil production levels, accelerating the price decline.

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