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Russia doesn't expect oil market recovery earlier than 2017 — minister

Energy Minister Alexander Novak says Moscow is still ready for oil production freeze talks

© Viktor Drachev/TASS

RIYADH, August 15. /TASS/. Russia is ready to continue dialog with OPEC members regarding stabilization of oil prices, Energy Minister Alexander Novak said on Monday in an interview with Asharq Al-Awsat. The Minister also does not rule out Russia’s participation in oil production freeze talks.

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"The door remains open in case the need arises," Novak said. Previous oil production freeze talks held in Doha this April "played a certain positive role," the Russian minister said. "Speculators noted that producing countries may reach an agreement," Novak said.

Russia is ready to resort to joint measures for stabilization of the pricing situation, "provided that these are made temporarily," Novak said.

Oil prices will not reach the level of $100 per barrel in the foreseeable future, the Russian official said. The oil market balance will not recover earlier than 2017, he added.

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