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Russia: OPEC and non-OPEC cooperation should last beyond Vienna agreement - Novak

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Russian Energy Minister Alexander Novak stressed that cooperation between OPEC and non-OPEC nations should continue beyond the nine-month extension of an agreement that pledges to cut oil production. Novak was speaking at the sixth session of the Russia-OPEC dialogue in Moscow, Wednesday. SOT, Alexander Novak, Russian Energy Minister (Russian): "For the first time in the history of OPEC, a small number of non-OPEC oil producers joined their efforts to stabilise the world market, which was concluded in a corresponding agreement at the end of last year in Vienna. And last week an agreement was reached for an extension of another 9 months."SOT, Alexander Novak, Russian Energy Minister (Russian): "It is necessary to develop a new framework of principles for continuing sustainable, long-term cooperation between OPEC and non-OPEC, even after the end of the validity of the Vienna agreements. Russia supports holding regular expert events with the participation of OPEC and non-OPEC representatives to discuss the current trends in the development of the oil market situation."SOT, Mohammed Barkindo, the OPEC Secretary General (English): "As I alluded earlier, we have just completed a marathon round of meetings, where the OPEC and non-OPEC countries have agreed to continue working together as part of the declaration of operation, in order to ensure that we have achieved a balanced market sooner rather than later as we have just heard from the President of the conference himself. To get there we will need to see the continued joint efforts of both OPEC and non-OPEC participating nations, which thus far have proven to be effective and have led to signs of market rebalancing and generally a more positive mood in terms of market sentiment."Video ID: 20170531 020Video on Demand: http://www.ruptly.tvContact: [email protected]: http://twitter.com/RuptlyFacebook: http://www.facebook.com/Ruptly

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