Fifth High-level Meeting of the OPEC-Russia Energy Dialogue

No --
Vienna, Austria
24 Oct 2016

[Joint Conclusion] The fifth High-level Meeting of the OPEC-Russia Energy Dialogue was held today at the OPEC Secretariat in Vienna. The Meeting was chaired by HE Mohammad Sanusi Barkindo, Secretary General of OPEC and HE Alexander Novak, Minister of Energy of the Russian Federation.

The meeting was also attended by a high-level delegation from the Russian Federation and senior officials of the OPEC Secretariat.

Discussions at the meeting focused on the short-term oil market outlook, as well as the medium- and long-term outlooks. They also stressed the impact that recent price volatility and the high level of stocks have had on the industry.

In addition, deliberations considered scenarios depicting the effects that climate change mitigation policies could have on oil and energy demand, and on investments in the industry. The Parties also discussed the importance of technological innovation and its potential impact on the market, particularly with regard to oil supply.

In their concluding statements, given market complexities and uncertainties going forward, the Parties stressed the importance of cooperation, along with well-established technical interactions, so that future Dialogue meetings may consider pertinent issues affecting the industry.

It was furthermore noted that the OPEC-Russia Energy Dialogue is a valuable contribution among producing countries towards collective efforts in support of sustainable market stability. The ongoing consultation taking place currently is a reflection of these efforts.

There was a common understanding to expand activities in research and analysis. It was agreed that the first joint studies will assess the impact on the oil sector of access to capital and international fiscal regimes. Furthermore, they agreed to focus on two technical themes for the next meeting: the effects of the current market situation on energy investments; and analysis of breakthrough demand-side technologies, including medium- and long-term perspectives on disruptive transportation technologies.

The Parties agreed to have their next High-level Dialogue meeting in Moscow during the second half of 2017.

HE Mohammad Sanusi Barkindo (right) with HE Alexander Novak

HE Mohammad Sanusi Barkindo, OPEC Secretary General (right) with HE Alexander Novak, Russia's Energy Minister

OPEC-Russia press conference at the OPEC Secretariat

OPEC-Russia press conference at the OPEC Secretariat