Russia: No Need for Oil Freeze Talks

Russia: No Need for Oil Freeze TalksRussia: No Need for Oil Freeze Talks

Russia sees no need for renewing discussions of an oil output freeze at current crude prices, while leaving open the possibility for the future, Energy Minister Alexander Novak told journalists in Moscow on Monday. “A basis for this has yet to develop, considering prices are still at more or less normal levels. If prices will fall, then that necessity will most likely arise," he was quoted as saying by Bloomberg. Russia, Saudi Arabia and other major oil exporters met in Doha, Qatar, in April in a bid to stabilize global markets by putting caps on output. The effort collapsed as Saudi Arabia demanded that rival Iran join the pact. At the time, Iran had ruled out any limits, as it ramped up production after the lifting of international sanctions. The Russian energy minister did not exclude the possibility that he could meet with his Saudi counterpart, Khalid Al-Falih, in Algiers next month.