“We are holding consultations with my colleagues to work out an optimized mechanism for solving the issues of stabilization; each country is in its own situation. I am sure that the decisions that are being worked out will satisfy all countries and all countries will be satisfied by the decisions on balancing the market,” Novak said during a meeting with his Saudi counterpart Khalid al-Falih.
Russia, which is among the world’s leading oil producers, however not a member of OPEC, expressed will to uphold the agreement.
The September agreement was reached against the backdrop of decline in oil prices. Global oil prices have dropped from some $110 a barrel to values below $50 since mid-2014.
Novak arrived in Saudi Arabia on Saturday on a two-day visit to meet al-Falih to discuss relations between the two nations, as well as cooperation with the Organization of the Petroleum Exporting Countries (OPEC) amid current situation in the oil market.
