By: TPA News Desk | editor@thepointafricanews.com

The Organization of the Petroleum Exporting Countries (OPEC) and the Russian Federation convened their Tenth High-Level Meeting of the OPEC-Russia Energy Dialogue today, held on the sidelines of the St. Petersburg International Economic Forum. The gathering, a crucial platform for major global energy players, underscored the strategic importance of their ongoing cooperation in maintaining oil market stability.

The meeting was co-chaired by His Excellency Alexander Novak, Deputy Prime Minister of the Russian Federation, and His Excellency Haitham Al Ghais, Secretary General of OPEC.

Opening the discussions, Deputy Prime Minister Novak emphasized Russia’s profound appreciation for the effectiveness of collaboration within the broader OPEC+ framework. He stated, “Thanks to regular and trusting working contacts, including with the OPEC Secretariat, it is possible to compare positions in advance, develop agreed approaches, and make decisions at our ministerial meetings that take into account the interests of each OPEC+ members.”

Secretary General Al Ghais echoed these sentiments, commending the OPEC-Russia Energy Dialogue as a dynamic and vital platform for discussion, knowledge sharing, and the exchange of views between the two influential parties. He specifically lauded the Russian Federation’s leadership role within the ‘Declaration of Cooperation’ framework, where it serves as a co-chair for both the OPEC and non-OPEC Ministerial Meetings (ONOMM) and the Joint Ministerial Monitoring Committee (JMMC).

The meeting served as an important milestone in the ongoing energy dialogue, reinforcing the strategic significance of cooperation between OPEC and the Russian Federation, particularly through the established frameworks of the ‘Declaration of Cooperation’ and the ‘Charter of Cooperation’. Discussions centered on current developments and future outlooks for the global oil and energy markets. Key topics included the critical issues of energy security, the persistent risk of underinvestment in the sector, and the overarching importance of market stability as a driver for global economic growth. Participants delved into short-, medium-, and long-term energy market forecasts.

Looking ahead, it was agreed that the next High-Level Meeting of the OPEC-Russia Energy Dialogue will be hosted in Vienna, Austria, during 2026. Sources