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31 May 2017

Sixth Meeting of the OPEC-Russia Energy Dialogue

[Joint Conclusion] The Sixth High-level Meeting of the OPEC-Russia Energy Dialogue was held on 31 May 2017 in Moscow. The Meeting was co-chaired by HE Alexander Novak, the Minister of Energy of the Russian Federation; HE Khalid A. Al-Falih, Minister of Energy, Industry and Mineral Resources, Kingdom of Saudi Arabia, and President of the OPEC Conference; and HE Mohammad Sanusi Barkindo, Secretary General of OPEC.

The meeting was attended by senior executives of the national oil companies of Russia and representatives of the academic community of the Russian Federation and senior representatives of the OPEC Secretariat.

In their opening statements, the Parties noted that the ongoing efforts of the OPEC and non-OPEC participating countries and their high levels of conformity to the Declaration of Cooperation had created positive momentum in the oil market, which has resulted in improved market sentiment, a gradual rise in upstream investment and a strengthened world economy.

The Parties pointed out that the OPEC-Russia Energy Dialogue continues to represent a valuable contribution among producing countries towards collective efforts in support of sustainable market stability. The ongoing success of OPEC and non-OPEC cooperation, as demonstrated last week by the extension of the Declaration of Cooperation, is a clear reflection of these engagements.

Discussions at the meeting focused on the short-term oil market outlook, as well as prospects for the medium and long-term outlooks. The deliberations also considered projections for non-OPEC supply in 2017 and 2018, as well as the key issues of road transportation and technology.

There was a common understanding to expand activities in research and analysis. The meeting agreed to conduct a joint study on road transportation with a scenario analysis on technology dimensions and impacts on oil demand, including a roundtable to discuss the findings of the study in 2018.

The 7th High-level Meeting of the OPEC-Russia Energy Dialogue is planned for the second half 2018 in Vienna.