Russia and OPEC to hold a meeting in Vienna on October 21st

​The Ministry of Energy will meet with the representatives of OPEC at the level of experts in Vienna on October 21st, the Minister A. Novak said.

The head of OPEC, A. al-Badri at the meeting with the Russian delegation headed by Novak on July 30th discussed the situation in the oil market and its possible development. On the results of the meeting the parties announced that another meeting might be held in Vienna in H2.

At the latest meeting in June OPEC decided to save the quota at the level of 30 mln barrels of oil a day.

The next meeting of the Ministers of the OPEC countries will be held on December 4th in Vienna.

The Ministry of Energy thinks that oil extraction in Russia in 2015 will make up 533 mln tons. “The extraction will grow by 1.4% against 2014”, Novak said. According to him, despite of the external and internal challenges, the fuel and energy sector of Russia achieves the set goals. Gas extraction this year will be slightly more than in 2014. In 2014 Russia extracted 640 bln cubic m of gas, which is by 30 bln cubic m less than in 2013.