Kremlin: no talks are underway to create new Russia-OPEC alliance

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© Reuters. Russian Energy Minister Novak attends Russian Energy Week forum in Moscow© Reuters. Russian Energy Minister Novak attends Russian Energy Week forum in Moscow

MOSCOW (Reuters) – The Kremlin said on Tuesday there were no substantial talks currently taking place to establish an alliance between Russia and OPEC.

Energy Minister Alexander Novak said in December was highly unlikely OPEC and other producers would set up a joint structure due to the additional red tape would create, as well as the risk of U.S. sanctions against monopolies.

Reuters reported on Monday that the Organization for the Exporting Countries and its allies had drafted a document for setting up a new alliance but had carefully avoided any mention of sensitive issues such as oil prices.

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Source: Investing.com