Novak Asks for Cooperation with OPEC on Natural Gas

OPEC Headquarter.

OPEC Headquarter. Credit: priwo / CC BY-SA 3.0

Russian Energy Minister Alexander Novak recently said in an online conference between Russian and Organization of the Petroleum Exporting Countries (OPEC) officials that it was important to strengthen cooperation in the natural gas industry. 

Novak highlighted that cooperation between the OPEC and another energy group, the Gas Exporting Countries Forum (GECF), could be enhanced. 

Russia has been an active member of the GECF, which according to some experts is dubbed a gas OPEC. Furthermore, Moscow has been working closely with OPEC on reducing crude output to boost oil prices.

Novak reiterated at the OPEC-Russia Energy Dialogue, hosted by the OPEC Secretariat, how a revival of the global economy and oil market had been difficult. He pointed out that the challenges in the face of uncertainties included lockdowns due to the global pandemic. 

OPEC and other major oil producers led by Russia, a group known as OPEC+, will meet on November 30-December 1. The meeting will decide on ways to stabilise the oil markets as demand has hit a slump due to the coronavirus crisis.

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