Deputy Prime Minister of Russia Alexander Novak and OPEC Secretary General Haitham Al Ghais co-chaired the ninth high-level meeting in the format of the Energy Dialogue of the Organisation of the Petroleum Exporting Countries (OPEC) and the Russian Federation in Moscow.
Alexander Novak chairs Russia-OPEC Energy Dialogue meeting
Alexander Novak chairs Russia-OPEC Energy Dialogue meeting
OPEC Secretary General Haitham Al Ghais at the meeting of the Russia-OPEC Energy Dialogue
Alexander Novak chairs Russia-OPEC Energy Dialogue meeting
Alexander Novak chairs Russia-OPEC Energy Dialogue meeting
Alexander Novak chairs Russia-OPEC Energy Dialogue meeting
“Russia is a key player on the oil market and preserves its status of a reliable supplier. OPEC+ member countries maintain constant contact, monitor the market situation, and are ready to respond flexibly and promptly to any changes in market conditions. The current mechanism for implementing the OPEC+ agreement is the most effective tool for maximising the efficiency of oil production and government revenues,” Alexander Novak said.
He stressed the importance of the partnership between the Russian Federation and OPEC at all levels and praised the leading role that the Russian Federation plays as a co-chair of the OPEC and Non-OPEC Ministerial Meetings (ONOMM) and the Joint Ministerial Monitoring Committee (JMMC) under the Declaration of Cooperation.
The Secretary General also praised the Russia-OPEC Energy Dialogue as a dynamic platform that facilitates discussions, knowledge sharing, and exchange of opinion between the two sides.
“Our common goal is to ensure the stability of the market that will provide all favourable conditions for both producers and consumers of energy resources. It is important to stress that the Russia-OPEC Energy Dialogue, as well as the Declaration and the Charter of Cooperation, envisage work in the short, medium and long term. They are aimed at ensuring the stable work of OPEC and Russia, as well as the stability of the energy market in the future,” Haitham Al Ghais emphasised.
The meeting has become a milestone in the energy dialogue. It highlighted the strategic value of cooperation between OPEC and Russia, including as part of the Declaration of Cooperation and the Charter of Cooperation. The discussions focused on developments in the global oil and energy markets and the results of the recent climate change talks at the COP29 conference, which took place in Baku, the capital of Azerbaijan, on 11–22 November 2024, as well as various issues related to the oil and energy industries, such as energy security, the risk of underinvestment, and the importance of market stability as a driver of global economic growth. The meeting also considered the short, medium and long-term prospects for the development of energy markets.
The value of continuing OPEC-Russia cooperation at the technical and research levels was also stressed. In this context, the meeting participants noted the positive results of the fifth technical meeting of the Russia-OPEC Energy Dialogue, held on 15 November 2024 via videoconference.
The Russia-OPEC Energy Dialogue is a key dialogue the organisation holds with numerous producer and consumer countries, as well as with international organisations, in order to obtain information and study the latest trends and challenges of the industry. The next high-level meeting of the Russia-OPEC Energy Dialogue is scheduled to take place in Vienna, the capital of Austria, in 2025.
