Balanced, stable oil market a prerequisite for pandemic recovery: OPEC-Russia Energy Dialogue

Balanced, stable oil market a prerequisite for pandemic recovery: OPEC-Russia Energy Dialogue

The OPEC-Russia Energy Dialogue asserted that a balanced and stable oil market is a prerequisite for post-pandemic recovery, adequate investments, and prosperity for oil producers and consumers.The meeting was co-chaired by Mohammad Sanusi Barkindo, Secretary General of OPEC, and Alexander Novak, Minister of Energy of the Russian Federation.Barkindo highlighted that the organisation's partnership with Russia "has evolved into a permanent, transformative force-for-good in the energy market; one that has had a profoundly positive effect on the industry and the global economy."Both parties emphasised the strategic importance of the relationship between OPEC and the Russian Federation. They also noted the high levels of conformity to the OPEC+ production cut agreements, but recognised that challenges and uncertainties remain, and stated that they continued to