Lagos — Deputy Prime Minister of the Russian Federation, Alexander Novak, in a letter addressed to the Secretary-General of the Organisation of Petroleum Exporting Countries, Sanusi Barkindo, has emphasised on the need for OPEC and its allies to maintain market stability through the Declaration of Cooperation and the Charter of Cooperation.
The letter received by OPEC on July 27, 2021, and seen by SweetcrudeReports on Tuesday, saw Novak commend OPEC for its efforts in ensuring the stability of global crude oil prices.
“I believe that in the conditions of continued uncertainty in the development of the global economy, the significance of the coordinated work in order to maintain the stability of the global energy markets will only increase.
“I am convinced that further expansion of our cooperation in the direction of elaborating common strategic approaches to the development of the oil sector in the context of the energy transition and accelerating technological progress will contribute to strengthening of the global energy security and promote the economic development of the participating countries,” the letter said.
Novak impressed commitment of the Russian government to further develop cooperation with OPEC.
According to the deputy prime minister, Russia had entered into the cuts agreement with OPEC based on trust, mutual respect and recognition of interests for the benefit of oil producers and consumers.
He commended Barkindo’s high assessment of the efficiency of the cooperation within the OPEC/non-OPEC format, adding that the joint decisions had ensured stability and predictability of the world oil market.