Russia energy minister says oil talks with Saudi Arabia developing

15/08/2016 Argaam

Russia is currently consulting with Saudi Arabia and other oil producers on efforts to help stabilize the global oil market, Russian energy minister Alexander Novak told the Saudi-owned Asharq Al-Awsat newspaper.

 

Discussions between the two countries are developing in a tangible way, whether in the framework of a multi-party structure or on a bilateral level, Novak explained.

 

However, he added that it’s not likely for the oil market to stabilize before 2017.

 

Novak’s comments came just days after Saudi energy minister Khalid Al-Falih said that the kingdom would work with OPEC and non-member producers to help stabilize the oil market.

 

An informal meeting of major producer countries is scheduled for next month in Algeria on the sidelines of the 15th International Energy Forum, amid concerns over a recent decline in crude prices.

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