Former Russian Energy Minister: OPEC Deal Working Exactly As Planned

27 Jul 2017   OPEC

OPEC held a technical meeting in St. Petersburg on July 24 to monitor compliance with the group’s cuts and assess the progress of the rebalancing of the oil market. Unlike their official meetings, these meetings are not typically headline-making events, but with the rebalancing taking much longer than expected, OPEC is eager to speed things up. Oilprice.com spoke with Igor Yusufov, a former Russian energy minister and founder of a $3 billion energy investment fund called Corporation Energy, to get the latest view from Russia. Oilprice.com: The OPEC meeting in St. Petersburg was intended to just be a gathering to monitor the progress of the OPEC/non-OPEC cuts, but it took on greater importance because of the recent downturn in prices. From Russia’s perspective, is more aggressive action needed to accelerate the rebalancing in the oil market? Is Russia open to cutting its production deeper, or is that off of […]

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