Russia eyeing oil freeze deal with Saudis
Russia says it is looking into the possibility of starting talks with Saudi Arabia on stabilizing oil prices – an initiative which has already boosted sentiments in global oil markets over speculations that the dialogue between the two could lead to an oil freeze deal.
“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,” the media reported Russian Energy Minister Alexander Novak as saying.
“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,” Novak told Saudi newspaper Asharq al-Awsat in a report that was also covered by the website of Russia Today.
The announcement and a subsequent speculation by analysts that Russia and the Saudis could soon put an oil production freeze on their agenda showed immediate impacts on oil prices on Monday trading. North Sea benchmark Brent reached August highs of $47.61 per barrel, while US WTI crude traded above $45 a barrel.
Novak’s remarks came days after Saudi Energy Minister Khalid al-Falih said Riyadh was ready to kick off talks with both OPEC and non-OPEC members to salvage the market and help revive oil prices.
Talks on a production freeze deal between Russia, OPEC, and other oil producers failed in April, after Saudi Arabia said Iran should also be included in the negotiations. Tehran had repeatedly emphasized that it would not cut production at the time, arguing that it needed to regain the market share it had lost as several years of sanctions.
An informal meeting of the world’s largest oil producing countries is scheduled for late September in Algeria, RT added.
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