Moscow and Riyadh will not take part in the meeting of the non-OPEC countries

Moscow and Riyadh will not take part in the meeting of the non-OPEC countries

Emilio Fabio Torsello
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Saudi Arabia: "Before meeting the non-OPEC countries we must have a credible agreement with clear figures and a system that the market can believe in"

The Saudi energy minister Khalid al-Falih is confident that the oil market will stabilize by 2017, even in the absence of an intervention on the part of crude oil producers, even though any action in this regard could help to find a balance in trade. The statement came just days before the OPEC meeting in Vienna in which - according to various rumours - Saudi Arabia itself may not meet the non-OPEC countries. Riyadh, as Reuters has  anticipated, said that it will not be present at what promises to be the most important summit to redefine oil production in an attempt to re-balance supply and demand: "We must first resolve our problems as OPEC, "the source cited by Reuters explained, "where we have not reached an agreement within the organization of petroleum exporting countries. Before meeting the non-OPEC countries and asking them to participate in any action, we need to have a credible agreement with clear figures and a system that the market can believe in."
And after the announcement made by Riyadh, Russia also said it would not participate at the meeting, even though the talks between Moscow and OPEC will continue. Since the Algiers meeting in fact Russia - which is not part of the Oil Producers and Exporters Organization - has declared its willingness to limit its oil output to meet the demands of the market.