International cooperation on crude production has helped stabilize oil markets and is more important now than ever, Russian Energy Minister Alexander Novak said recently.
The Organization of the Petroleum Exporting Countries and other leading oil producers had agreed to cut their combined oil output but that deal expires at the end of this month. Talks on whether to extend the deal are scheduled for July 1-2 in Vienna.
"Today, more than ever, international cooperation is important," Novak said in a speech at an energy forum in the Russian city of St Petersburg.
"There is a good example of successful cooperation on balancing the oil market between the OPEC countries and non-OPEC. Thanks to joint efforts, we today see a stabilization of world oil markets, an increase in the investment attractiveness of the sector, and the return of investment."