-OPEC meeting approaching
Russian markets are closely monitoring developments prior to the OPEC meeting on Thursday, Dec. 6. Russian President Vladimir Putin met with the Saudi Crown Prince Mohammed Bin Salman on the sidelines of the G20 meeting in Argentina over the weekend and declared they have an agreement in principle to extend the oil production pact. The Russian president noted, however, that no final decision has yet been made on the volumes of the extended agreement.
“But we will do this with Saudi Arabia,” he asserted.
Russian Energy Minister Alexander Novak spoke last week of his hope to reach a compromise during the OPEC meeting in Vienna. "The harmony between OPEC and non-OPEC countries is in the interest of oil markets," he said.
"Russia has not made a clear decision for the position before the meeting. We have not yet taken a decision on the reduction of oil production. We are currently evaluating the situation,” Novak said.
As oil prices have fallen in recent weeks with concerns of an oil surge in global markets, the production cut agreement between OPEC and some non-OPEC oil-producing countries is up for debate during the meeting in Vienna on Thursday.
Analysts conceded that news of Qatar’s decision announced Monday to leave OPEC would not exert significant pressure on prices.
Previously, Putin said that Russia would be fully satisfied with oil prices in the range of $60-$70 per barrel.