Russia Plans to Send Business Mission to Kuwait in Near Future

VIENNA (Sputnik) — According to Novak, the possible spheres of cooperation between the two countries include gas, oil and processing industries.

"We have a great potential for the development of relations with Kuwait in the energy sphere. We have discussed in detail opportunities of developing cooperation in gas, oil and processing industries, in the energy sphere, agreed on a business mission to Kuwait in the near future," Novak said in an interview with Rossiya 24 TV channel.

Earlier on Sunday, the OPEC monitoring committee responsible for monitoring compliance with a global agreement to reduce oil output held a meeting in Vienna. At the sidelines of the meeting Russian minister held bilateral meeting with Saudi, Venezuelan and Kuwaiti counterparts. During Novak's meeting with Kuwaiti oil minister the diplomats discussed possible construction of a nuclear power plant in Kuwait, cooperation in the gas sector, as well as in the sphere of oilfield services.

The monitoring committee was created in order to secure the implementation of the deal, chaired by Kuwait from the OPEC side and Russia from the non-OPEC side. The committee also includes Oman, Venezuela and Algeria.

In November 2016, the OPEC agreed to cut oil production by 1.2 million barrels per day to 32.5 million barrels per day for the whole cartel starting January 2017. On December 10, 2016, OPEC finished a meeting with non-OPEC countries in Vienna, at which 11 non-OPEC producers decided to cut oil output by 558,000 barrels per day from January 2017.

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