The fourth High Level Meeting of the OPEC-Russia Energy Dialogue has stressed that price volatility and the general oversupply in the oil market observed in recent quarters have been less conducive for market stability. Despite current uncertainties, signs of a more balanced market in 2016 may provide much desired stability to the oil market in the longer-term, a prerequisite for the continuity of timely and adequate investments.

The meeting was chaired by the Minister of Energy of the Russian Federation, Alexander Novak, and the Secretary General of OPEC, Abdalla Salem El-Badri.

The meeting was attended by senior executives of the national oil companies of Russia and representatives of the academic community of the Russian Federation and senior representatives of the OPEC Secretariat.

It was underlined that such meetings now have a regular character which contribute to this energy dialogue, and facilitate the exchange of views on pertinent issues with regard to the world oil market.

The meeting focused on short-term oil market developments, as well as medium- to long-term prospects. The deliberations also included the outlook for petrochemicals and fiscal regime perspectives in the Russian oil sector.

The Parties reiterated the value of such meetings and agreed to have their next high-level meeting in Vienna during the second half of 2016.