The Russian Energy Minister, Alexander Novak, said that his country is consulting with Saudi Arabia and other producers to achieve oil market stability, adding that the door is still open for more discussions on output freeze, Business Insider reported.
Novak 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,” according to Reuters.
Novak’s comments come only days after Saudi Arabian Energy Minister, Khalid al-Falih, said the kingdom would work with the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members to help stabilise oil markets. His comments gave a positive indication that OPEC’s largest producer is willing to engage in production freeze talks during September’s International Energy Forum in Algeria.
Since 2014, Saudi Arabia has been raising output to drive higher cost producers out of the market and win back market share from rivals such as the US.