Third High-Level Meeting of the OPEC-Russia Energy Dialogue

No --
Vienna, Austria
16 Sep 2014

[Joint Conclusion] The third high-level meeting of the OPEC-Russia Energy Dialogue took place in Vienna today. The meeting was chaired by HE Abdalla Salem El-Badri, OPEC Secretary General, and HE Alexander Novak, Minister of Energy of the Russian Federation. The meeting was also attended by a senior delegation from the Russian Federation and senior officials from the OPEC Secretariat.

The meeting follows on from the successful high-level meeting of the OPEC-Russia Energy Dialogue that took place in Moscow in 2013, and a meeting of experts held in Vienna early this year.

Both Parties provided their views on current oil market developments and prospects, with a general consensus that the market is well-supplied with healthy stock levels and adequate spare capacity. They also underscored the importance of stable and predictable markets for the health of the industry and investments, and the well-being of the global economy.

They reviewed the summary discussions of the technical meeting that took place between experts from both Parties on tight oil and shale gas, and global refinery developments. The value of such expert level interactions was highlighted as important to the constructive and cooperative nature of the dialogue. The two Parties agreed that the topics for next year’s technical meetings would focus on petrochemicals outlook and fiscal regime perspectives in the Russian oil sector – including comparison with other international applications.

The Parties agreed to continue their collaborative efforts and to have their next high-level meeting in Moscow during the second half of 2015.