Russia isn’t expecting much from Opec’s next meeting
Russian energy minister, Alexander Novak, isn't expecting much from the fractured Organisation of Petroleum Exporting Countries' when it meets early next month.
"In my opinion, any decisions on coordination which would require an obligatory fulfilment, are unlikely to be taken," Novak told Russian state TV in an interview.
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"Because we see quite big disagreements inside Opec on the further development of the situation and on what should, or opposite, should not be done for the market to reach a balance."
Kuwait has also suggested that the meeting on 2 June in Vienna is likely to be underwhelming. He warned that "the focus of the meeting will be to think and look around … about what could be done further to stabilise the markets".
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The meeting will be the first since tensions between regional rivals Iran and Saudi Arabia derailed a widely-anticipated production freeze deal between Opec and other big oil producing nations in April.
Oil prices fell from over $110 per barrel in the middle of 2014 to below $28 per barrel in January. Sentiment has since improved somewhat, and they're currently hovering around $50 per barrel, helped by production stoppages across the world.