Russia energy minister says oil market talks with Saudi developing

The Russian energy minister said his country is consulting with Saudi Arabia and other producers to achieve oil market stability, though he added that a complete return of stability is only likely in 2017, Asharq al-Awsat newspaper reported on Monday.

In an interview published by the Saudi-owned daily newspaper, Alexander Novak also said the door is still open for further consultations on a production freeze if the need arises.

“With regard to the 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 was quoted as saying.

“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.”