Russia and Opec will hold annual ministerial meetings and have agreed on a number of other plans aimed at tightening their co-operation in the world oil market, Russia announced Monday following talks here with top Opec officials.
"The decision was made to hold annual meetings at the ministerial level and also to conduct technical exchanges, seminars, joint research and development," the Russian industry and energy ministry said in a statement following talks between Opec chiefs and Russian officials.
Other areas of shared Russian- Opec interest include formulation of energy policy, investment in research and development in the refining sector, information exchanges and issues of multilateral co-operation in the oil market, the statement said.
The statement was released following a meeting between the president of the Organisation of Petroleum Exporting Countries (Opec), Sheikh Ahmad Fahd al-Sabah, and several top Russian officials, including Industry and Energy Minister Viktor Khristenko, to discuss oil pricing and production.
Russia, the world's second-largest crude oil exporter behind Opec kingpin Saudi Arabia, is not a member of Opec but both sides have said they would like to co-ordinate policy more closely to ensure stability on world oil markets.
"Based on growing demands of the world economy, we are continually expanding exports of raw hydrocarbons and developing new supply routes.
" Opec and Russia, taking steps for the stabilisation of the oil market, are interested in the predictability and transparency of all factors that influence the situation on the market," the statement said.
It noted that Russia was to assume the presidency of the Group of Eight industrialised countries from January 1 and said Moscow would use this opportunity to launch a "strategic initiative" focusing on energy security issues.
Discussion of energy security should not be confined to G8 countries alone but should also include participation by "major producers and growing consumers of energy resources," the statement said.