Russia has helped OPEC to overcome the most difficult period in its history over the past 40 years, OPEC Secretary General Mohammed Barkindo said at a meeting with the Russian Prime Minister Dmitry Medvedev.
"When I took office in August last year, it was the most difficult cycle for OPEC over the past 40 years. But thanks to Novak (Russian Energy Minister Alexander Novak), we were able to unite and take this historic decision (on reducing oil output)," TASS cited Barkindo as saying.
Russian Prime Minister expressed satisfaction with Russia's cooperation with the OPEC and decisions taken on the oil market.
"We have intensified contacts with the OPEC in recent years. I believe this is important for everyone because conditions developing for the OPEC countries and conditions forming in the global economy at large depend on a coordinated policy on the oil market," Medvedev said.
"No wonder many quotations existing on exchanges and even currency rates depend on meetings held in the OPEC and consultations among countries. Therefore we are happy with progress in cooperation and decisions made lately as a result of the coordinated policy," he noted.
Such a setup benefits all countries because it "makes possible to find the required balance on the oil market," the Prime Minister said. Medvedev appreciated Barkindo’s participation in the forthcoming St. Petersburg International Economic Forum. "I think attendance of the OPEC Secretary General will benefit this forum," he added.
