By Sabiu Abdullahi
The Organisation of the Petroleum Exporting Countries (OPEC) and the Russian Federation have underscored the crucial role of oil and energy market stability in driving economic growth.
This emphasis was made during the Ninth High-level Meeting of the OPEC-Russia Energy Dialogue, held in Moscow, Russia, on November 22, 2024.
Co-chaired by HE Alexander Novak, Deputy Prime Minister of the Russian Federation, and HE Haitham Al Ghais, Secretary General of OPEC, the meeting highlighted the significance of cooperation between OPEC and the Russian Federation.
“Russia will continue to be a key player in the oil market, maintaining its status as a reliable supplier,” said Alexander Novak.
“The OPEC+ member countries are in constant contact, monitor the market situation and are ready to flexibly and promptly respond to any changes in market conditions.”
Haitham Al Ghais praised the partnership between the Russian Federation and OPEC, commending the Russian Federation’s leadership role in the ‘Declaration of Cooperation’ framework.
The Secretary General also noted the importance of the OPEC-Russia Energy Dialogue as a platform for discussion and knowledge sharing.
The meeting discussed developments in global oil and energy markets, climate change negotiations at COP29, and issues related to energy security, underinvestment, and market stability.
The next high-level meeting of the OPEC-Russia Energy Dialogue is scheduled to take place in Vienna, Austria, in 2025.