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News // Russia

Libya and Russia look to cooperation as oil producers defer decision on extending production cuts deal

25 September 2017 , 15:26Neftegaz.RU419

The possibility of increased partnerships with Russian companies on oil and gas exploration and production was discussed on September 23, 2017, by Mustafa Sanalla, the head of the National Oil Corporation (NOC), and Russian energy minister Alexander Novak.

 

The talks also covered potential cooperation with the Russians on marketing and training.

Looking to pursue the idea, Novak invited Sanalla to further talks in Moscow in 10 days’ time when the Russian Energy Forum takes place.

 

The Russian side included the ministry’s director of international relations Roman Marshavin, Gazprom International managing director Andrey Fick and a large number of energy sector officials.

 

With rising Libyan production this year, there were complaints that this was seating into the 1.8m b/d figure – equivalent to a 2% cut in global production.

During the discussion Alexander Novak said that despite this, the reduction was reducing the international oil glut and that it was too early to decide whether to prolong it.

 

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