Russian and U.S. energy ministries discuss stabilization of global oil market

Russian Deputy Energy Minister Pavel Sorokin and Deputy Secretary at the U.S. Department of Energy David Turk held a meeting at the Conference of the Parties to the UN Framework Convention on Climate Change in Glasgow, discussing the issues of stabilization of the global oil market, and shared views on the relevant issues of the climate agenda, the Russian Energy Ministry said in a statement.

"The meeting focused on the multilateral cooperation within the G20 framework on further stabilization of the global oil market. Moreover, Pavel Sorokin and David Turk shared views on the relevant issues of the climate agenda," the statement said.

The meetings through the Russian Energy Ministry and the US Department of Energy are rather rare. Such contacts last occurred in a remove format in the middle of 2020 when oil-producing countries, including the US, needed to urgently take joint decisions on stabilization of the oil market situation.

The last face-to-face meeting at the level of energy ministers was held in 2018. On September 11, they held talks in Moscow, discussing the ways of cooperation between Moscow and Washington aimed at ensuring the stability of global energy markets, their transparency and long-term sustainability.

Energy cooperation between Russia and the US has been suspended due to Washington’s sanctions policy. In particular, sectoral American sanctions prohibit investment and technological cooperation with projects on the development of Russian offshore fields, including in the Arctic.