OPEC, Russia Highlight Importance of Oil & Energy Markets Stability

The Organization of the Petroleum Exporting Countries (OPEC) and the Russian Federation held the Ninth High-level Meeting of the OPEC-Russia Energy Dialogue on 22 November 2024 in Moscow, the Russian Federation.

The Meeting was co-chaired by HE Alexander Novak, Deputy Prime Minister of the Russian Federation, and HE Haitham Al Ghais, Secretary General of OPEC.

HE Alexander Novak said: "Russia will continue to be a key player in the oil market, maintaining its status as a reliable supplier. The OPEC+ member countries are in constant contact, monitor the market situation and are ready to flexibly and promptly respond to any changes in market conditions. The current mechanism for implementing the OPEC+ Agreement is the most effective tool for maximizing the efficiency of oil production and state revenues."

HE Al Ghais highlighted the important partnership between the Russian Federation and OPEC at all levels and commended the leadership role exerted by the Russian Federation in the ‘Declaration of Cooperation’ framework as a co- chair of the OPEC and non-OPEC Ministerial Meetings (ONOMM) and the Meetings of the Joint Ministerial Monitoring Committee (JMMC). The Secretary General also praised the OPEC-Russia Energy Dialogue as a dynamic platform that facilitates discussion, knowledge sharing and exchange of views between the two parties.

The Meeting constitutes an important milestone in the energy dialogue. It emphasized the strategic importance of cooperation between OPEC and the Russian Federation, including through the frameworks of the ‘Declaration of Cooperation’ and the ‘Charter of Cooperation’.

Discussions revolved around developments in the global oil and energy markets and the outcome of the recent climate change negotiations at COP29, which was held in Baku, Azerbaijan, on 11-22 November 2024, as well as various issues related to the oil and energy industries, such as energy security, risk of underinvestment and the importance of market stability in driving global economic growth. The Meeting also examined the short-, medium-, and long- term outlooks for energy markets.

The valuable ongoing cooperation between OPEC and the Russian Federation at the technical and research level was additionally highlighted. In this context, the Meeting noted the positive outcome of the Fifth Technical Meeting of the OPEC- Russia Energy Dialogue held on 15 November 2024 via videoconference.

The OPEC-Russia Energy Dialogue is one of the key dialogues the Organization’s cohosts with numerous producing and consuming nations and international institutions to gain insights, explore emerging trends and examine industry issues.

It was agreed that the next High-level Meeting of the OPEC-Russia Energy Dialogue will take place in the course of 2025 in Vienna, Austria.