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World oil prices

Russia is ready to participate in meeting of oil producers, date unknown — energy ministry

The meeting will be focused on measures to stabilize the oil market

© Viktor Drachev/TASS

MOSCOW, March 3. /TASS/. Russia is ready to take part in talks between OPEC members and other oil producers, the place and date of the meeting are being discussed, Russia’s Energy Ministry said in a statement on Thursday.

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Saudi Arabia and Russia are on the right track to stabilizing oil prices

"Russia is ready to participate in talks between OPEC and other countries-oil producers. At present, different options of place and date of the meeting are being discussed, the meeting will be focused on measures to stabilize the oil market," the ministry said.

Also, a source familiar with the situation told TASS: "Currently several options for the venue of the meeting are being discussed, the final decision is pending."

Earlier, Bloomberg reported referring to Nigeria’s Ministry of Petroleum that the meeting between OPEC member countries and other countries outside the cartel, will be held on March 20 in Russia.

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On February 16, the oil ministers of Saudi Arabia, Qatar, Venezuela, OPEC and Russian Energy Minister Alexander Novak met in Doha, Qatar, and discussed how to improve the situation with oil prices on the global market. The parties expressed readiness to maintain the average oil production level in 2016 at the level of January this year, if other oil-producing countries join this initiative.

On Tuesday, Russia’s Energy Minister Alexander Novak said that the decision to stabilize oil production was publicly supported by fifteen nations producing 73% of oil across the globe.

He added that the decision will be efficient even without Iran.

The minister did not rule out that the conditions of oil production stabilization for Iran will also be discussed at a meeting between members and non-members of OPEC in mid-March.

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