: Reuters: Russian Energy Minister Novak says too early to write off OPEC

17:30 May. 29, 2016

Reuters: Russian Energy Minister Novak says too early to write off OPEC

Russia's Energy Minister Alexander Novak, center, speaks with the media as he arrives in front of EU headquarters in Brussels on Friday, Sept. 25, 2015. (AP Photo)

'OPEC now is experiencing a crisis of internal differences,' Novak says

Russian Energy Minister Alexander Novak believes that it is too early to write off OPEC despite internal differences within the group, he said on the ministry's Twitter feed, days before the organisation meets to discuss its production policy.

Russia, a global leading oil producer, and the Organization of the Petroleum Exporting Countries have so far failed to reach an agreement to work together to support weak oil prices.

Their possible cooperation has been complicated by wranglings within the OPEC, notably between Saudi Arabia and Iran, which is trying to recoup its market share following the lifting of international sanctions over Tehran's nuclear programme.

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