Russia does not currently consider the possibility of joining OPEC, but positively assesses cooperation with the organization under the agreement on production reduction, Russian Energy Minister Alexander Novak said at the CERAWeek conference in Houston, USA. The agreement of the world exporters demonstrated the profitability of cooperation, Novak said responding to the persistent question about the Russian Federation plans regarding accession to OPEC. The Minister admitted that cooperation with the cartel is possible, for example, in new technologies development.

According to Alexander Novak, it is too early to speak about extending the OPEC agreement on oil production. Thereat, the Minister noted that there is a serious uncertainty in the oil market, even regardless of the fact that prices had stabilized.

Novak also suggests that the challenges to the market may come from the unstable economic growth of various countries. The Minister noted that analysts' estimates of oil supply and demand vary by 30-40%.