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

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 it was highly unlikely OPEC and other oil producers would set up a joint structure due to the additional red tape it would create, as well as the risk of U.S. sanctions against monopolies.

Reuters reported on Monday that the Organization for the Petroleum 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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.