International cooperation on crude production has helped stabilize oil markets and is more important now than ever, Russian Energy Minister, Alexander Novak said on Monday.
The Organization of the Petroleum Exporting Countries and other leading oil producers had agreed to cut their combined oil output but that deal expires at the end of this month.
Talks on whether to extend the deal are scheduled for July 1 to July 2 in Vienna.
“Today, more than ever, international cooperation is important,” Novak said in a speech at an energy forum in the Russian city of St Petersburg.
“There is a good example of successful cooperation on balancing the oil market between the OPEC countries and non-OPEC. Thanks to joint efforts, we today see a stabilization of world oil markets, an increase in the investment attractiveness of the sector, and the return of investment.”
Novak also said rivalry on global markets was heating up. “At the same time, we are encountering wider use of non-economic methods in the battle for consumers,” he said.
Russian officials have accused Washington of using tariffs and sanctions to try to carve out market share for its energy exports.