Russia’s oil minister signaled possible cooperation with Saudi Arabia at a meeting with his Gulf Arab counterparts in Riyadh on Sunday, as the kingdom seeks to convince major oil producing countries to cut production in order to increase prices.
After the meeting in the Saudi capital, Russian Oil Minister Alexander Novak was quoted in a ministry statement as saying that the parties had discussed specific production limits for Russia and other nations that may join the agreement, although he did not mention any figures or commitments from Moscow.
“We see the need to balance the market in the coming months to encourage the return of investments and the reduction of volatility,” Novak said.
In a statement, Saudi Oil Minister Khalid Al-Falih also mentioned the need to “restore balance” to the market, where a surge in production globally has led to low prices that have weakened state coffers including that of the Saudis, currently engaged in a costly war in Yemen.
