Opec in­vites Rus­sia to meet­ing

The Sun (Malaysia) - - SUNBIZ -

ISTANBUL: Or­gan­i­sa­tion of the Petroleum Ex­port­ing Coun­tries (Opec) said on Wed­nes­day it was invit­ing Rus­sia and other key non-mem­bers to a meet­ing later this month as the oil car­tel and Moscow seek to tighten co­op­er­a­tion to boost his­tor­i­cally low crude prices.

The an­nounce­ment came af­ter a meet­ing in Istanbul be­tween sev­eral top Opec en­ergy min­is­ters with their Rus­sian coun­ter­part Alexan­der No­vak aimed at ad­vanc­ing joint ef­forts to bol­ster oil prices whose lows have hurt the highly-de­pen­dent economies of crude pro­duc­ers.

The meet­ing took place on the side­lines of the World En­ergy Congress in Istanbul, which on Mon­day saw a vow by Rus­sian Pres­i­dent Vladimir Putin for Moscow to im­pose curbs on en­ergy out­put to match Opec cuts that caused a spurt in oil prices.

“We agreed to have a tech­ni­cal meet­ing of Opec ... on 28-29 of this month. An in­vi­ta­tion is go­ing to be sent to some key non-Opec coun­tries,” Qatar En­ergy Min­is­ter Mo­hammed Saleh al-Sada said af­ter the talks.

“This meet­ing is meant to give a bet­ter un­der­stand­ing of the best way of how to move to­wards the re­bal­anc­ing of the mar­ket to the in­ter­est of all,” added the Qatari min­is­ter.

Other than Rus­sia, he did not elab­o­rate on what other non-Opec coun­tries were be­ing in­vited to the meet­ing but in­di­cated he wanted a wide turnout.

“We have a list of non-Opec coun­tries and we are yet to re­fine it fur­ther. We in­tend to ex­pand it get the feel­ings of as many non-Opec coun­tries as pos­si­ble.”

He gave no in­di­ca­tion, how­ever, the meet­ing would be at­tended by the US, the world’s num­ber three oil pro­ducer.

“The US at­tend­ing is some­thing we can­not as­sure you of,” he said. – AFP

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