VIENNA — A balanced and stable oil market is a prerequisite for post-pandemic recovery, adequate investments, and future prosperity for consumers and producers alike, affirmed the seventh high-level meeting of the OPEC-Russia Energy Dialogue, hosted by OPEC, which took place via video conference on Tuesday.

The meeting was co-chaired by Mohammad Sanusi Barkindo, Secretary-General of OPEC, and Alexander Novak, Minister of Energy of the Russian Federation.

The OPEC-Russia Energy Dialogue continues to play a key role in reinforcing and enhancing the relationship between the two Parties, which was underscored in the discussions at the meeting.

The OPEC secretary-general highlighted that the partnership with the Russian Federation "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."

Novak noted the high significance that the Russian Federation places on the dialogue with OPEC. He also highlighted the Secretariat’s fundamental role in the success of the Declaration of Cooperation’s (DoC) realization.

Both parties emphasized the strategic importance of the relationship between OPEC and the Russian Federation, not only at the bilateral dialogue level but also through the DoC and the Charter of Cooperation (CoC). This has been proven in 2020 with DoC participants embarking on the largest production adjustments, and for the longest period, in the history of the oil industry. This helped counter the unprecedented shock to oil markets resulting from the COVID-19 pandemic and set them on a path to sustainable recovery.

The Parties also noted the high levels of conformity to these production adjustments, the encouraging momentum they had brought to the oil market, and the knock-on positive effects on the global economy. However, both Parties recognized that challenges and uncertainties remain, and stated that they continued to be steadfast in their commitment to helping rebalance the market and achieve sustainable stability.

OPEC presented on the impact of COVID-19 on global energy markets, in the short-, medium- and long-term, and also provided an overview of recent developments in the CoC. The Russian Federation presented on the Energy Strategy of the Russian Federation in the period to 2035, as well as on the Industrial Initiative on the Standardization and Certification of Oil and Gas Equipment as a potential vector of cooperation within the CoC. — WAM