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Asia Today ISSN 1861-4604 Sunday, January 21, 2018

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Non-OPEC countries can strengthen oil market governance positions - expert

Russia, Azerbaijan, Kazakhstan

Share on Facebook November 24, 2014, Reporter : Trend, Reader : 397

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Baku, Azerbaijan, Nov. 24 By Aygun Badalova – Trend: Today one can see the beginning of restructuring the oil market governance system.

Chairman of the Presidium of the Council on Foreign and Defense Policy, editor-in-chief of the "Russia in Global Affairs" journal Fyodor Lukyanov said at a press-conference held at Trend Agency Nov. 24.

"Today, an important issue is how the oil-producing countries, non-OPEC members, but close to each other in a variety of circumstances, being in a similar situation, such as Russia, Azerbaijan, Kazakhstan and others, will be able to strengthen their positions in the face of the cartel through great coordination," he said.

He said that at present, all oil-producing countries, both OPEC and non-OPEC members, seek to understand the mechanisms of influence on the world market in the new conditions.

“In the current circumstances, OPEC countries themselves will fail to influence the world oil prices,” the expert said.

“However, in the future one can expect rethinking of the role of non-OPEC members, the situation on the world oil market, as well as strengthening their impact,” Lukyanov said.

OPEC controls 40 percent of the world oil supplies. On Nov. 27 OPEC member-states will consider the need to change the production quotas amid the ongoing decline in oil prices.

At the same time, Russia, as a non-OPEC member, begins a dialogue about the possibility of mutual production decline with a cartel. In particular, the Russian authorities may offer OPEC to cut its own annual production by 15 million metric tons, waiting for the cartel’s decline in the production by about 70 million metric tons per year, RBC reported.

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