Russia: Too early to write off OPEC

30/05/2016 04:53 AST

Russian Energy Minister Alexander Novak believes that it is too early to write off OPEC despite internal differences within the group, he said on the ministry’s Twitter feed, days before the organization meets to discuss its production policy.

Russia, a global leading oil producer, and the Organization of the Petroleum Exporting Countries have so far failed to reach an agreement to work together to support weak oil prices.

“OPEC now is experiencing a crisis of internal differences. Despite this, I wouldn’t write off this organization,” Novak said in the Twitter feed.

In April, OPEC and other producers led by Russia failed to clinch a deal to freeze oil output to help to support prices.

Novak reiterated that the issue of a possible oil production freeze is no longer relevant after a rise in oil prices, which have recovered from multi-year lows of around $27 per barrel in January to just under $50.

OPEC members will meet in Vienna next week. It is widely expected that they will not agree on any long-term plan to curtail supplies.


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