Russia, OPEC stress importance of cooperation for stable oil prices

VIENNA, Oct 24 (KUNA) -- A Russian high-level delegation and senior officials of OPEC stressed the importance of cooperation, along with well-established technical interactions, so that future dialogue meetings may consider pertinent issues affecting the industry.
This came in the final communique after the fifth High-level Meeting of the OPEC-Russia Energy Dialogue that was held on Monday at the OPEC Secretariat in Vienna.
The meeting focused on the short-term oil market outlook, as well as the medium- and long-term outlooks, the communique said.
The parties 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.
They also discussed the importance of technological innovation and its potential impact on the market, particularly with regard to oil supply.
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, it noted.
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.
The meeting was chaired by Mohammad Sanusi Barkindo, Secretary General of OPEC and Alexander Novak, Minister of Energy of the Russia. (end) amg.hm