Russia: Oil Market Talks  With Saudis Developing
Russia: Oil Market Talks  With Saudis Developing

Russia: Oil Market Talks With Saudis Developing

Russia: Oil Market Talks With Saudis Developing

Russia, the world's top oil producer, is consulting with Saudi Arabia and other producers to achieve oil market stability, Energy Minister Alexander Novak said, adding that the door is still open for more discussions on freezing output levels if needed.
In an interview published on Monday, Novak also told Saudi-owned newspaper Asharq al-Awsat that a complete return of market stability is only likely in 2017, Reuters reported.
Novak noted that dialogue with Saudi Arabia is developing in a tangible way, whether in the framework of a multi-party structure or on a bilateral level.
"We are cooperating in the framework of consultations regarding the oil market with OPEC countries and producers from outside the organization, and are determined to continue dialogue to achieve market stability," he said.
"We are ready to achieve the widest possible level of coordination ... and put in place joint measures to achieve oil market stability, with the condition that these measures will not be for a limited period of time."
Novak's comments come only days after Saudi Arabian Energy Minister Khalid al-Falih said his country would work with OPEC and non-OPEC members to help stabilize oil markets.
An informal meeting of major producing countries is scheduled in Algeria late next month.
Members of the Organization of Petroleum Exporting Countries will meet on the sidelines of the International Energy Forum, which groups producers and consumers, in Algeria from September 26-28.
Oil prices extended gains after Falih's remarks on Thursday, which indicated that Saudi Arabia, OPEC's largest producer, is worried that oil prices could fall toward $40 per barrel or lower due to oversupply.
Talks on a global oil production level freeze collapsed in April. OPEC member Iran has been the main opponent of a freeze, as it looks to raise its output to levels seen before the imposition of now-ended western sanctions.

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