Russia, Saudi Arabia, Venezuela, Mexico to monitor oil prices with quarterly consultations

Russia, Saudi Arabia, Venezuela, Mexico to monitor oil prices with quarterly consultations

Participants in an oil conference in Vienna have decided to monitor oil prices for a term of one year with possible quarterly consultations, Russia's oil major Rosneft said after four-party talks involving Russia, Saudi Arabia, Venezuela and Mexico, TASS reported.

Earlier, OPEC (Organization of the Petroleum Exporting Countries) representatives did not support the idea of a permanent dialogue with oil exporting countries that are not members of that organization.

Rosneft quoted its CEO, Igor Sechin, as saying that coordinated actions of the majority of big market players were needed to balance demand and supply. At the same time, he noted that the oil industry in most of the OPEC countries differed from that in Russia - due to climatic, logistics and technological factors, Russia could not promptly change production volumes. Instead, in his words, it could take measures of structural character with medium- and long-term impacts.

He said oil prices had plunged by $40 per barrel over the past five months. In terms of price slum dynamics, he noted, the current situation on the oil market could be compared with a global economic recession. But, the global economy and the demand for oil were on the rise, he said, adding that the current market situation featured the lack of a critical imbalance between demand and supply.

He also noted that falling oil prices and postponement of capital-intensive projects might tell on the overall level of oil supply. "The current level of prices is not critical for us. We can well postpone these of those capital-intensive projects. Naturally, it will tell on the overall level of oil supply," Sechin said.

In his words, his company had already reduced oil production by 25,000 barrels a day. This move however was linked with the company's measures to boost the efficiency of oil production and profitability for the company's shareholders, and with terms of market sales.

Market players should react quickly to market changes that is why it would be expedient to make joint analysis of market factors and outlooks and do it regularly, he said, adding that more transparency of the market was needed too.

OPEC member countries traditionally meet twice a year. The organization unites 12 countries: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Libya, the United Arab Emirates, Algeria, Nigeria, Ecuador, and Angola. The organization is headquartered in Vienna. Russia, Mexico, Egypt and Oman enjoy the observer status.

Armenia shows disrespect for efforts of international mediators - Azerbaijani Foreign Ministry
Armenia shows disrespect for efforts of international mediators - Azerbaijani Foreign Ministry
Azerbaijani army does not use prohibited weapons - Defense Ministry
Azerbaijani army does not use prohibited weapons - Defense Ministry
Azerbaijani army fully complies with all international norms - Ministry of Defense
Azerbaijani army fully complies with all international norms - Ministry of Defense
Loading Bars
Latest
Information on shelling of Armenia is complete lie, another provocation - Azerbaijani MoD
Share of Turkish cars on Israeli market down
Georgian Dream wins principal elections for the third time
CEC: 56.11% voter turnout by 20:00
Austria orders curfew, restaurant closures to fight COVID surge
It’s battle between us and Armenia, and everybody should stay away from that - President of Azerbaijan
Nagorno Karabakh is not a matter of resources, it is a matter of justice, national pride and international law - President of Azerbaijan
I’ve been asking question where has Armenia the money from to do this war for month, no answer - President Aliyev
Only way to stop war is for Armenia to stop - President Ilham Aliyev
President Aliyev on journalist's statement on Turkish soldies: You saw them in Baku, you didn’t see them in battle
Volume of transshipment of goods from Turkmenistan through ports of Turkey revealed
President Aliyev in answer to journalist's question on democracy: We look how in Europe you beat protesters
The fact that three times we agreed for ceasefire demonstrates our will to resolve this issue by political means - President of Azerbaijan
We were the subject of ethnic cleansing. We didn’t do any ethnic cleansing against Armenians - President Aliyev
We liberate territories not with bombs, we liberate territories with our fighters which take one village, one city after another - President Aliyev
We are restoring justice and implementing UN Security Council resolutions which were on paper for 27 years - President Aliyev
UK confirmed COVID-19 cases surge past one million mark
We changed realities. Now Armenia will have to take it into account - President of Azerbaijan
Polling process for the parliamentary elections ended
So far, Human Rights Watch, Amnesty International was very aggressive against Azerbaijan - President Aliyev
The more we defend the more territories we liberate - President Ilham Aliyev
Our response was harsh, but Armenia deserved it - President Ilham Aliyev
WHO to transfer to Kyrgyzstan another humanitarian cargo for combating COVID-19
Iran says ready to send rescue teams to Turkey’s quake-hit area
Armenia's attempts to involve third parties in Karabakh conflict will remain unsuccessful - MFA
Armenia fired 218 missile strikes on settlements of Azerbaijan far from conflict zone to date
Armenian sabotage-reconnaissance group, military vehicles neutralized (VIDEO)
Iranian Energy Exchange announces products to be on sale November 1
Georgian CEC discloses voter turnout by 17 p.m.
Azerbaijani Prosecutor General's Office gives updates on civil casualties, damages as of Oct. 31
Volume of cargo transshipped from Azerbaijan through ports of Turkey revealed
2 killed in Iraqi military plane crash
Armenia shows disrespect for efforts of international mediators - Azerbaijani Foreign Ministry
Azerbaijani army does not use prohibited weapons - Defense Ministry
Azerbaijani army fully complies with all international norms - Ministry of Defense
Iran reveals its COVID-19 data for October 31
Uzbekistan’s 9M2020 carpet export down
Georgian CEC reveals voter turnout by 15 p.m.
Weekly review of Azerbaijan's precious metals market
Iran increases value of exports via Kerman Province
Armenia's attacks on civilians should be perceived as war crimes against humanity - Azerbaijani Foreign Ministry
Armenia shells Azerbaijani Tartar, Agdjabadi despite OSCE MG calls to respect ceasefire - MFA
17 religious monuments damaged as result of Armenian aggression, including churches
Azerbaijani president's aide says Armenia shelled civilian districts even during Geneva meetings
Azerbaijani army destroys military equipment, manpower of Armenian Armed Forces (VIDEO)
Armenian Armed Forces continue shelling Azerbaijani settlements - Defense Ministry
Azerbaijan confirms 547 more COVID-19 recoveries
President Ilham Aliyev expresses condolences to President Erdogan
Azerbaijan only restoring its territorial integrity, top official says
UzAuto Motors eyes expanding financing opportunities by issuing Eurobonds
Iran implements new limitations to prevent COVID-19
Georian CEC introduces media with the information about voter turnout for 12:00
Armenia deliberately burns down forests in Shusha - Azerbaijani president's aide
Tehran city council calls for extending lockdown
Uzbekistan int’l consulting organizations to transform large state-owned enterprises
Iran to inject new foreign currency package
VTB Bank (Azerbaijan) completes 9 months with profit
Military conflict in Karabakh drives Armenia to dead end - Russian edition
President Ilham Aliyev expresses condolences to Berna Yilmaz
Drilling operations in Iran's South Pars gas field to begin soon
Weekly review of Azerbaijani currency market
Russia warns Armenia about ban on import of tomatoes
Azerbaijani oil prices down
Russia responds to Pashinyan's appeal
Inflation coming down in Georgia - Finance Minister
Voting process at Georgian polling stations ongoing in peaceful environment - CEC
Kazakhstan’s KazTransOil opens tender for equipment repair services
Azerbaijani association talks importance of OSAGO insurance in country
Iran’s NICICO boosts its production
More people rescued from rubble in Turkish Izmir
Captured Armenian cleric admits his forced involvement in Karabakh clashes (VIDEO)
Azerbaijani president's aide voices his concern over tortures against elderly woman in Armenia
Azerbaijani 'A Audit and Consulting' LLC talks about slowdown in audit services' dev't
Armenia delivering phosphorus cargo to Khojavend creating basis for further provocations - MoD
Long term loans value surges in Kazakhstan year-on-year
Uzbekneftegaz announces tender for turboexpander unit supply
Voting in parliamentary elections in Georgia continues normally - Arzu Nagiyev (PHOTO)
Iran and Russia reach to agreement on construction of thermal power plant
Azerbaijani FM forwards his condolences to Turkish people due to Izmir earthquake
Ukraine reports record daily high new coronavirus cases
Uzbek oil and gas production dep’t announces tender for feasibility studies
Loan portfolio of Azerbaijan AFB Bank grows
Elections proceeding peacefully, no serious violations so far in Georgia - Interior Ministry
President Ilham Aliyev interviewed by German ARD TV channel (PHOTO)
Uzbek-Korean Uz-Kor Gas Chemical to buy radiant tubes via tender
Uzbekistan’s Ministry of Innovative Development to buy light vehicles via tender
South Korean companies invited to enter Turkmen market more actively
Azerbaijani FM, ICRC Director General meet to discuss current situation in Karabakh
Armenia's barbaric crimes tantamount to actions of fascists - Mikhail Zabelin (PHOTO)
Reports about shelling of Shusha by Azerbaijani army - another lie, MoD says
Azerbaijan's largest loans share falls on household sector
Azerbaijan's PM meets Pakistani ambassador
Armenian reports on missile attack on Khankendi by Azerbaijani army - lie, says MoD
Azerbaijan develops website to fight spread of Armenian fake news
Presence of PKK terrorists in ranks of Armenian Armed Forces - fact, says aide to Azerbaijani president
Iran reveals value of fishery products exported from Gilan Province
Turkmen MFA opens tender for supply of technical equipment
October conscription for active military service ends in Azerbaijan
Georgia reports 1,673 new coronavirus cases
Uzbekistan reveals its COVID-19 data for October 31
All news