Russia and OPEC Hold Ninth High-Level Energy Dialogue in Moscow

Kathmandu : The ninth high-level meeting of the Russia-OPEC Energy Dialogue was held in Moscow on November 22, co-chaired by Deputy Prime Minister of Russia Alexander Novak and OPEC Secretary General Haitham Al Ghais. The discussions underlined the strategic value of the cooperation between Russia and OPEC toward the stability of the global oil market.

"Russia remains a key player in the oil market and a reliable energy supplier," Novak said. He noticed that the countries of OPEC+ maintain close contact with each other, closely monitor changes in market conditions, and promptly adapt to these changes. In his opinion, the effective working of the OPEC+ agreement is "the most efficient tool for maximizing the efficiency of oil production and revenues to governments."

Secretary General Haitham Al Ghais described the dialogue as a vibrant platform for sharing knowledge and insights. He said, "Market stability is our common interest, offering favorable conditions for both energy producers and consumers."

The meeting discussed recent developments in global energy markets, including the results of the COP29 climate conference held in Baku, Azerbaijan, this month. The main points concerned energy security, risks of underinvestment, and market stability as an economic growth driver.

Participants reaffirmed the importance of technical and research cooperation between Russia and OPEC, and praised the results of the fifth technical meeting of the Energy Dialogue, held virtually on November 15, 2024.

The Russia-OPEC Energy Dialogue is an important forum for regular interactions with producer and consumer countries, as well as international organizations, to share knowledge and discuss issues facing the industry. The next high-level meeting will be held in 2025 in Vienna, Austria.