No plans to create new Russia-OPEC alliance

No plans to create new Russia-OPEC alliance

The Kremlin stated on Tuesday there are no substantial ongoing talks with regards to forming an alliance between Russia and OPEC.

In December Russian Energy Minister Alexander Novak said it was un likely that OPEC and other oil producers would establish a joint structure as a result of the increased regulations it would create and the risk of US sanctions on monopolies.

It had been previously reported in Reuters that OPEC and the bloc’s allies had drafted a document to create an alliance, although had avoided mentioning oil prices.

This comes as Russia output dropped between October and January of this year, although fell short of its OPEC-led commitments.

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