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14 Oct 2021

Eighth High-Level Meeting of the OPEC-Russian Energy Dialogue held in Moscow

[Joint Press Release] The Eighth High-level Meeting of the OPEC-Russia Energy Dialogue took place in Moscow, the Russian Federation, on 14 October 2021, on the sidelines of the Russian Energy Week.

The meeting was co-chaired by HE Alexander Novak, Deputy Prime Minister of the Russian Federation, and HE Mohammad Sanusi Barkindo, OPEC Secretary General.

The exchange constitutes an important milestone in the energy dialogue, and was the first meeting held in person following the outbreak of the COVID-19 pandemic.

The Deputy Prime Minister welcomed an OPEC delegation in Moscow at the Russian Energy Week International Forum (REW) and underscored the critical importance that the Russian Federation attaches to the relationship with the Secretariat, both under the bilateral Energy Dialogue and the historic Declaration of Cooperation.

“The participation of the OPEC delegation at the highest level underlines the REW's status as an important platform for discussing current trends, including the global oil market. The development of cooperation between Russia and OPEC, and its Secretariat is enshrined in the Energy Strategy of the Russian Federation until 2035 and remains one of the priorities of our foreign energy policy. The Energy Dialogue meetings and the Declaration of Cooperation (DoC) between OPEC and non-OPEC countries has repeatedly proved its effectiveness, serving as a solid basis for our interaction,” he stated.

The OPEC Secretary General thanked the Russian Federation for its gracious invitation to hold the eighth iteration of this important event in Moscow.

“We believe that these dialogue meetings are essential to share our outlooks and perspective, and for further deepening our understanding of each other. They have become a crucial platform for knowledge sharing, stakeholder cooperation and data transparency,” he stated.

The meeting provided a dynamic platform to discuss oil market developments, DoC and Charter of Cooperation (CoC) processes, as well as to exchange insights on the short-, medium- and long-term prospects for the energy sector. It additionally addressed technological cooperation between OPEC Member Countries and the Russian Federation, as well as topics related to the upcoming Conference of the Parties (COP26) meeting.

It underscored the strategic importance of the relationship between OPEC and the Russian Federation on many levels, including through bilateral dialogue, the DoC and the CoC. It was recognized that the energy dialogue continues to be instrumental in enhancing ties between OPEC and the Russian Federation.

The successful outcome of the Fourth Technical Meeting of the OPEC–Russia Energy Dialogue, held on 7 October 2021, was noted. The Dialogue also highlighted ongoing active engagement at the research and technical levels between the parties.

OPEC additionally presented its 2021 edition of the World Oil Outlook, one of the Organization’s flagship publications. In return, the Russian Federation presented the Russian Hydrogen Strategy and Energy Initiative Project.

It was agreed that the next High-level Meeting of the OPEC-Russia Energy Dialogue will be held in 2022 in Vienna, Austria.