* OPEC will live through internal differences - Novak
* OPEC to meet in Vienna next week
* No decision on oil supply cuts expected
(Adds detail)
MOSCOW, May 29 (Reuters) - Russian Energy Minister Alexander Novak believes that it is too early to write off OPEC despite internal differences within the group, he said on the ministry's Twitter feed, days before the organisation meets to discuss its production policy.
Russia, a global leading oil producer, and the Organization of the Petroleum Exporting Countries have so far failed to reach an agreement to work together to support weak oil prices.
Their possible cooperation has been complicated by wranglings within the OPEC, notably between Saudi Arabia and Iran, which is trying to recoup its market share following the lifting of international sanctions over Tehran's nuclear programme.
"OPEC now is experiencing a crisis of internal differences. Despite this, I wouldn't write off this organisation," Novak said in the Twitter feed.
In April, OPEC and other producers led by Russia failed to clinch a deal to freeze oil output to help to support prices.
Novak reiterated that the issue of a possible oil production freeze is no longer relevant after a rise in oil prices, which have recovered from multi-year lows of around $27 per barrel in January to just under $50.
OPEC members will meet in Vienna next week. It is widely expected that they will not agree on any long-term plan to curtail supplies.
(Reporting by Vladimir Soldatkin; Editing by David Goodman and Jane Merriman) ((vladimir.soldatkin@thomsonreuters.com; +7 495 775 12 42; Reuters Messaging: vladimir.soldatkin.thomsonreuters.com@reuters.net))
* OPEC to meet in Vienna next week
* No decision on oil supply cuts expected
(Adds detail)
MOSCOW, May 29 (Reuters) - Russian Energy Minister Alexander Novak believes that it is too early to write off OPEC despite internal differences within the group, he said on the ministry's Twitter feed, days before the organisation meets to discuss its production policy.
Russia, a global leading oil producer, and the Organization of the Petroleum Exporting Countries have so far failed to reach an agreement to work together to support weak oil prices.
Their possible cooperation has been complicated by wranglings within the OPEC, notably between Saudi Arabia and Iran, which is trying to recoup its market share following the lifting of international sanctions over Tehran's nuclear programme.
"OPEC now is experiencing a crisis of internal differences. Despite this, I wouldn't write off this organisation," Novak said in the Twitter feed.
In April, OPEC and other producers led by Russia failed to clinch a deal to freeze oil output to help to support prices.
Novak reiterated that the issue of a possible oil production freeze is no longer relevant after a rise in oil prices, which have recovered from multi-year lows of around $27 per barrel in January to just under $50.
OPEC members will meet in Vienna next week. It is widely expected that they will not agree on any long-term plan to curtail supplies.
(Reporting by Vladimir Soldatkin; Editing by David Goodman and Jane Merriman) ((vladimir.soldatkin@thomsonreuters.com; +7 495 775 12 42; Reuters Messaging: vladimir.soldatkin.thomsonreuters.com@reuters.net))
