Russia will join OPEC negotiations in Vienna

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Russia will take part in the OPEC meeting to set a road map for production cut that is to take place later in October in the OPEC headquarters in Vienna, Bloomberg informs citing Russian Energy Minister Alexander Novak.

The ministers of OPEC and Russia discussed a possible deal in Istanbul and the long-awaited cooperation between the Organization of Petroleum Exporting Countries and other oil producers is now established, said Qatar’s Energy Minister Mohammed Al Sada. The countries are now to set the details of the road map aimed at settling the global market.

“It takes more than OPEC to stabilize the market - there is a realization that other big players need to do their jobs including U.S. shale producers,” United Arab Emirates Energy Minister Suhail Mohammed Al Mazrouei said in an interview to Bloomberg. “If we all collectively agree that there is an oversupply then we need to collectively participate in fixing this. We are sending an open invitation to everyone.”

Russia’s president Vladimir Putin repeatedly expressed his support for the OPEC decision to freeze production levels and said Russia is ready to join the deal.