Russia’s Energy Minister Alexander Novak arrives at the European Commission headquarters in Brussels ahead of a meeting with EU officials March 2, 2015. Russian Energy Minister Alexander Novak said on Friday his country was not considering any coordination with OPEC in order to support falling oil prices because the organization had lost its power to regulate the market. “OPEC has not changed quotas since 2008 and it doesn’t play the role it used to in 1970s and 1980s,” Novak told reporters in Vladivostok. “We are not considering the viability of any kind of coordination.” Novak said the market was oversupplied, in part due to production by traditional importing countries such as the United States, which cut imports. Global investment cuts would inevitably lead to global oil output decline, he said. Oil prices have plunged by almost 70 percent in the last 18 months mainly due to oversupply and the […]