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News // Middle East and OPEC

Algeria and Russia committed to continuing efforts to stabilize oil market

11 October 2017 , 14:09Neftegaz.RU1072

Algeria and Russia on October 10, 2017, underlined convergent views to rebalance the oil market through cutting oil output by almost 1.2 million barrels per day. The slashing of output is in accordance with the Vienna Agreement signed earlier this year.

 

Visiting Russian PM Dmitry Medvedev made the remarks after signing here with his Algerian counterpart Ahmed Ouyahia 5 cooperation agreements between the 2 countries.

«Algeria and Russia share convergent views, including in terms of the necessity to cut output to bring back balance to oil market, in line with what was agreed in Vienna,» Medvedev said.

 

He further called upon OPEC and non-OPEC oil producers to respect the implementation of Vienna Declaration, hailing «Algeria's compliance with production levels set out in the said agreement, which likely to help stabilizing the market, providing oil prices at reasonable levels, increasing revenues and ultimately creating new growth opportunities.»

 

For his part, Ouyahia hailed Russia's contribution to the mobilization non-OPEC producing countries to join the Vienna Agreement.

 

A memorandum on cooperation between the Algerian Sonatrach and the Russian Transneft was signed by Sonatrach's CEO Abdelmoumen Ould and Transneft's VP Mikhail Margelov.

 

A MoU on civil nuclear energy, between Atomic Energy Commission (COMENA) and the Russian Rosatom, was signed by Comena's head Nasreddine Djeghri and Rosatom's Deputy Director General Nikolai Spassky.

 

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