After a collapse in oil prices in global market, all major OPEC and non-OPEC oil producers such as Russia, Azerbaijan and Mexico are ready to return stability to the oil market prices.
Accordingly, since the beginning of energy diplomacy among OPEC members and initiation of talks on the eve of 166th OPEC meeting in Vienna, Russia as well as Iran called for greater convergence among the major oil producers.
Energy Minister of the Russian Federation Alexander Nowak and the CEO of Rosneft Igor Sechin, as Russia's largest oil producers, will travel to Vienna aiming at further participation and convergence this week on November 25.
Meanwhile, Energy Minister of the Russian Federation Alexander Nowak said that Russian government is discussing the possibility of declining oil production in order to support prices, but has not yet decided about it.
Iran’s Oil Minister Bijan Zanganeh and Nowak are presidents of Russia-Iran Joint Commission on Trade and Commerce Cooperation and are predicted to meet and discuss on the sidelines of the OPEC meeting in Vienna.
In the current circumstances, Russia, with a daily production capacity of over 10 million barrels of oil, has become the world’s biggest oil producer - ousting Saudi Arabia from the top slot.
LR
MNA
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