-Russian Energy Week forum ends
The most important announcements last week were made during the Russian Energy Week forum, an event in which Anadolu Agency was one of the sponsors.
Speaking on the first day of the forum, Russian President Vladimir Putin said that if the OPEC, non-OPEC oil production cut deal is extended beyond the March 2018 deadline, the agreement should run at least until the end of 2018.
He said the oil market is currently rebalancing, but asserted that energy demand will shift to the Asia-Pacific region amid the development of new markets over the next decade.
Another high profile attendee at the forum, Venezuela's President Nicolas Maduro, said that a high level of compliance in the oil output cut pact among OPEC and non-OPEC producers is very important and is much needed.
Hailing Venezuela, a founding member of OPEC, as fulfilling its obligations on international markets, he explained that Venezuela has some oil production capacity to meet domestic demand, although this was not very high.
Last but not least, OPEC Secretary General Mohammad Barkindo said that all participating countries are in line with the oil production cut deal.
The secretary-general declared that market fundamentals would decide whether the oil cut deal should be extended beyond March 2018.
Moscow, in its leadership role between OPEC and non-OPEC countries, 'complied by more than 100 percent in the last two months,' he noted.
The agenda of the Russian Energy Week forum was 'energy for global growth'. The topics up for discussion range from the global energy agenda, the main directions that the fuel and energy sector are taking, the existing challenges in the energy sector, and Russian prospects in the oil and gas sector.
Within the official program of the forum, about 50 business events took place.