Russian FM visits UAE, Oman to discuss oil prices

Russian Foreign Minister Sergei Lavrov began a three-day visit to the United Arab Emirates and Oman on Monday to discuss mutual relations and ways to bring global oil prices to a “fair level”, AlKhaleejonline.com reported.

Lavrov is expected to discuss regional and international issues with officials in both countries and exchange opinions about the changing oil prices in the international markets. He also wants to discuss possibilities to achieve a balance between supply and demand.

According to Russia Today, the Russian FM is also to discuss cooperation issues regarding commerce, economy and investment.

This visit comes in the wake of the sharp decline of the Brent oil prices from $115 per barrel in the middle of 2014 to less than $35 per barrel in 2016.

After meeting representatives of oil companies last week, Russian Energy Minister Alexander Novak said that Russia is ready to take part in the Organization of the Petroleum Exporting Countries’ (OPEC) meeting in February.

The member states of the OPEC and non-OPEC countries could meet in February to discuss proposed oil production cuts of up to 5% by each of the countries.