Russia, Bahrain, Discuss Oil Energy Stability And OPEC+ Production Agreements

Russian Deputy Prime Minister Alexander Novak and Bahrain’s Oil and Environment Minister Mohamed bin Mubarak Bin Dainah have been discussing cooperation under the OPEC+ agreement, with eyes on production guarantees for ensuring the stability and predictability of the world oil market. They have agreed to coordinate relations in this area, in response to Western sanctions mechanisms designed to upset global oil prices, and Russian production capabilities via sanctions.

The two parties stated that “The decisions made by participating countries are aimed at balancing the oil market amid economic challenges.”

OPEC+ is an unofficial name for the association of oil-producing countries that are not members of OPEC but cooperate with it. These are: Algeria, Congo, Equatorial Guinea, Gabon, Equatorial Guinea, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, UAE, Venezuela. These countries control about 80% of the world’s oil reserves.

In early May this year, Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirmed their commitment to market stability on current healthy oil market fundamentals and to adjust oil production upwards to meet demand.

The Russia-Bahrain talks also covered the terms for Russian energy exports to Bahrain, as well as possibilities for joint work on oil and gas exploration and production on Bahrain’s shelf with the participation of Russian companies.