Russia says it has agreed with Saudi Arabia to work on ways to return stability to world oil markets.
Russian Energy Minister Alexander Novak said September 5 on the sidelines of the G20 summit in China that Moscow is ready to join an oil output freeze deal if such a decision is taken. He also said an oil output freeze would help oil markets.
Novak also said he will meet with Saudi Arabian Energy Minister Khalid al-Falih in Algeria in September.
The globe's major oil producers have been unable to strike a deal on freezing output, due mainly to a dispute between Saudi Arabia and Iran over Tehran's desire to boost levels after the lifting of sanctions.
The oil market has been plagued by a stubborn supply glut that saw prices plunge to near 13-year lows below $30 at the start of 2016.
While it has recovered recently, it is still well off highs above $100 seen in mid-2014.