Russia committed to oil price stability effort

10 Jul 2017   OPEC, Russia

Russian President Vladimir Putin says his country is committed to a multilateral effort to stabilize the energy markets through coordinated production declines. File Photo by Yuri Kadobnov/Pool/EPA July 7 (UPI) — Russia is committed to playing an active role in working with its oil-producing peers to reduce volatility in the energy market, the country’s president said. Russia is the largest contributor to a multilateral effort to balance an over-supplied market that’s not a member of the Organization of Petroleum Exporting Countries. It’s also one of the members of a steering committee that monitors the deal’s effectiveness, a committee that meets later this month in St. Petersburg. Russia’s contribution is vital to the arrangement , though the Kremlin offered mixed support for the agreement last year after publicly stating in 2015 that coordinating with OPEC was an unsavory proposal. Dmitry Peskov , a spokesman for the Russian president, told reporters […]

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