Russia Continues Bilateral Interaction With Major Oil Producers

MOSCOW (Sputnik) — Russia continues to support bilateral contacts with oil-producing countries, while awaiting a decision from the Organization of Petroleum Exporting Countries (OPEC) on freezing the level of oil production, Russia’s First Deputy Energy Minister Alexei Teksler said Monday.

On Wednesday, Russian Energy Minister Alexander Novak said that Russia would join a new round of talks on oil production freeze only if OPEC member states reach an agreement on the issue.

"All this is ongoing, communication has not ceased…[Energy] minister [Alexander Novak] said that OPEC should decide itself on the issue of freezing [oil output]. In the meanwhile, the contacts – bilateral, working – are not discontinuing. They remain on various areas of cooperation with all sides," Teksler told reporters, when asked whether the discussion of possible freezing of oil production is ongoing.

Earlier this month, OPEC and major non-OPEC oil producers failed to agree on freezing oil output at January levels to shore up prices after Riyadh unexpectedly backed out of an all-but-certain agreement. Saudi Arabia continues to insist that Iran, which only recently reappeared in the energy market after years of international sanctions, should be part of any production cuts.

Oil prices have hovered at slightly above $40 a barrel in recent weeks. Brent crude has for the first time since December exceeded the $45 mark late on Wednesday, while WTI reached $43.66 per barrel.