You are here

Russia, Opec see possibility of oil market stabilising in 2016

[MOSCOW] Russia and Opec see a possibility of the oil market becoming more balanced and stable next year, according to a joint statement after Russian Energy Minister Alexander Novak and OPEC Secretary-General Abdullah al-Badri met in Moscow.

Officials from Opec and Russia, the world's top oil producer but not a member of the oil cartel, plan to meet in Vienna in the second half of 2016, the statement said.

Following the meeting on Thursday, Mr Novak told reporters he saw global oil demand growing by 1.2-1.3 million barrels per day in 2015.