Russian Energy Minister Aleksandr Novak said Russia is considering engaging in talks with Saudi Arabia on stabilizing oil prices. The possibility of a production freeze between the world’s largest producers has boosted global oil prices.
With regard to cooperation with Saudi Arabia, the dialogue between our two countries is developing in a tangible way, whether in the framework of a multi-party structure or on a bilateral level,” Novak told Saudi newspaper Asharq al-Awsat.
“We are cooperating in 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 added.
The news helped recently slumping oil prices to rally. On Monday, North Sea benchmark Brent reached August highs of $47.61 per barrel, while US WTI crude traded above $45 a barrel.