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World

OPEC, Russia expect global oil market to become more balanced and stable

Associated Press
Published | Updated
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    Russian Energy Minister Alexander Novak, right, Secretary General of Organization of Petroleum Exporting Countries (OPEC) Abdalla Salem El-Badri of Libya talk to press after talks in Moscow, Russia, Thursday, July 30, 2015. The Russian energy minister was meeting on Thursday with top officials from the OPEC as lower oil prices continued to batter Russia’s economy and the currency.(AP Photo/Ivan Sekretarev) (The Associated Press)

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    Secretary General of Organization of Petroleum Exporting Countries (OPEC) Abdalla Salem El-Badri of Libya talks to press after talks with Russian Energy Minister Alexander Novak in Moscow, Russia, Thursday, July 30, 2015. The Russian energy minister was meeting on Thursday with top officials from the OPEC as lower oil prices continued to batter Russia’s economy and the currency.(AP Photo/Ivan Sekretarev) (The Associated Press)

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    Secretary General of Organization of Petroleum Exporting Countries (OPEC) Abdalla Salem El-Badri of Libya talk to the media after talks with Russian Energy Minister Alexander Novak in Moscow, Russia, Thursday, July 30, 2015. The Russian energy minister was meeting on Thursday with top officials from the OPEC as lower oil prices continued to batter Russia’s economy and the currency.(AP Photo/Ivan Sekretarev) (The Associated Press)

MOSCOW – OPEC and Russia say they expect the global oil market to become more balanced and stable next year after the recent sharp drops.

OPEC'S secretary general, Abdullah al-Badri, said after talks Thursday with Russian Energy Minister Alexander Novak that he didn't anticipate a further drop in prices.

OPEC decided in June not to cut production, in a bid to retain its share of the global market in the face of a boom in shale oil production in the U.S. Russia, which is not part of OPEC but is the world's top crude producer and depends heavily on energy exports, hasn't made any cuts either.

Novak said that he and al-Badri didn't discuss any production cuts.