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01 Jun 2017

OPEC Secretary General meets with Russian Prime Minister and other officials in Moscow

OPEC Secretary General, HE Mohammad Sanusi Barkindo, met with Dmitry Medvedev, Prime Minister of the Russian Federation, following the conclusion of the Sixth High-level Meeting of the OPEC-Russia Energy Dialogue that was held on 31 May 2017 in Moscow.

The meeting with Prime Minister Medvedev, in the presence of HE Alexander Novak, the Minister of Energy of the Russian Federation, took place at the Prime Minister’s residence.

The Prime Minister welcomed the OPEC Secretary General to Moscow and emphasized the importance of the advancement of the energy dialogue with OPEC in recent years.  He also specifically highlighted the consultations that took place during the second half of 2016 and the unprecedented Declaration of Cooperation between OPEC and non-OPEC producers.  “The good relations between OPEC and Russia have helped the oil market to recover.  Our coordinated efforts have resulted in a better economic situation for all,” he said.

The Secretary General thanked the Prime Minister for the welcome the OPEC delegation had been given, and underscored the significance and value of the understanding that has evolved with HE Novak and the Russian Federation.  He said that since he assumed office as Secretary General on 1 August 2016, the constructive, collaborative and intensive dialogue had achieved “positive results.”  He noted that there were clear signs that the market rebalancing was taking place.

The Secretary General added: “Without the high authority and strong support of the Russian Federation, we could not have reached the consensus needed to sign the Declaration of Cooperation.”  He also underlined the important role played by HE Novak through the Joint Ministerial Monitoring Committee (JMMC), alongside his counterpart HE Almarzooq of Kuwait, in helping OPEC and participating non-OPEC countries to decide on 25 May 2017 to extend the Declaration of Cooperation for a further nine months to the end of March 2018.

HE Novak thanked Prime Minister Medvedev for his support and briefed him on the outcome of the Sixth High-level Meeting of the OPEC-Russia Energy Dialogue, which he had co-chaired with HE Khalid A. Al-Falih, Minister of Energy, Industry and Mineral Resources, Kingdom of Saudi Arabia, and President of the OPEC Conference and the OPEC Secretary General.  He highlighted the value of the ongoing dialogue, not only through the Declaration of Cooperation, but also through technical-level meetings and the sharing of information, analysis and outlooks.

Following the meeting with Prime Minister Medvedev, HE Novak and the Secretary General held a joint press conference.  They answered questions on the current oil market situation, as well as the development and future evolution of the OPEC-Russia Energy Dialogue.  HE Novak and the Secretary General both stated that it is also important to look at advancing a framework to further institutionalize the dialogue between OPEC and non-OPEC on a sustainable basis.

The OPEC Secretary General will be speaking on a panel session, alongside HE Novak, HE Al-Falih and other industry leaders, at the 17th St. Petersburg International Economic Forum on 2 June.