Russia intends to form an OPEC for the aluminium industry

According to TASS news agency, Russian Industry and Trade Minister Denis Manturov said yesterday 27 February, that Russia is planning to form an OPEC kind of network for the global aluminium industry.

The Organization of the Petroleum Exporting Countries (OPEC) is an organization of world’s major oil-exporting nation’s aims at maintaining stability in oil markets. In 2016, Russia and OPEC’s member decided to diminish production of oil in order to support global prices.

Manturov said that the formation of such kind of organization for aluminium industry is at the first stage of proposal and involvement of industry ministers “would be enough".

The minister said, "What is more important is that all governments, which are the main producers and exporters of primary aluminium, agree on principles of single policy in the area of standards and technology."

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Rusal from Russia is the world's second biggest aluminium company after China's Hongqiao Group and one of the top aluminium exporters in the world. In 2016, Rusal’s production increased by one percent YoY to 3.685 million tonnes and is expected remain stable in 2017.