What's happening in the world next week

Sudan-Russia energy cooperation around the corner

Sudan's Oil and Gas Minister Azhari Abdalla will visit Moscow on Dec 10 for a meeting with Russian Energy Minister Alexander Novak. Sudan is in talks with Russian firms to build a bigger oil refinery at its main port on the Red Sea.

The African country has plans to attain self-sufficiency in two to three years and also wants to become a net crude exporter by 2023 as it invites foreign oil companies to invest upstream.

Sudan government officials revealed that TK Ural Trade of Russia had proposed to build a refinery with the capacity to process 200,000 barrels per day.

OPEC nations plus Russia held a meeting in Vienna on Dec 6 to ensure the stabilization of oil markets with oil prices having dropped more than 30 percent in the past two months. What the Sudan-Russia energy cooperation will bring to the global oil market?