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Oil Prices Lifted Again By Russia Warming To Joint OPEC Output Freeze


Russian Energy Minister Aleksandr Novak has warmed to working with OPEC against the oil supply glut.

Russian Energy Minister Aleksandr Novak has warmed to working with OPEC against the oil supply glut.

Oil prices got another lift on August 16 as Russia hinted at efforts to relieve the global glut in crude by working with the OPEC oil cartel.

A Russian delegation visited the headquarters of the Organization of Petroleum Exporting Countries in Vienna and"exchanged views on the current situation on the oil markets and the prognoses for its development," the Russian Energy Ministry said.

Russian Energy Minister Aleksandr Novak later said his country was planning a meeting with OPEC in October, in remarks that helped lift premium crude prices by 84 cents to $46.58 in New York and $49.23 in London on August 16.

The market reaction followed a similar price boost on August 15 when Novak told a Saudi newspaper Asharq al-Awsat that Russia would be willing to go along with a temporary production freeze.

Russia and Saudi Arabia are the world's two largest oil producers.

Saudi Arabia's energy minister said last week that an OPEC meeting next month could produce an agreement on stabilizing prices and that Russia, which is not an OPEC member, would cooperate.

Based on reporting by AFP and TASS
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