Russian Energy Minister, Alexander Novak, said Wednesday in Algiers, that Algeria and Russia have contributed to stabilization of oil prices in the international market, APS reported
“Our two governments have contributed to the stabilization of oil prices in the context of cooperation between OPEC member countries and non-OPEC members,” Novak said in his speech, during a meeting of the 8th Algerian-Russian Joint Committee, held in Algiers.
As a reminder, in the face of the spectacular drop in crude oil prices since mid-2014, OPEC and the non-OPEC producer countries agreed by Russia in December 2016 in Vienna, of an agreement to act together reducing their production by a total of around 1.8 bpd from January 2017 to 1.2 bpd by OPEC and 600 000 bpd by eleven non-OPEC countries (Russia, Azerbaijan, Brunei, Bahrain, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Sudan and Southern Sudan).
In addition, Mr. Novak stressed that, in the field of energy cooperation, “Algeria and Russia, which are members of the Forum of Gas Exporting Countries, have common positions within this forum on the main issues “.
According to the Russian Minister, cooperation in the field of energy between the two countries has existed for many years and has been strengthened by the existence of a working group dedicated to the field of energy.
In this context he cited the Memorandum of Understanding signed between Sonatrach and the Russian Petroleum Group Rosneft in the fields of hydrocarbon prospecting, infrastructure and transport.