Moscow, Sep 5 (IANS) Russia and Saudi Arabia are negotiating an oil output freeze deal, Russian Energy Minister Aleksandr Novak said in a statement after talks with his Saudi Arabian counterpart.
“We have agreed with the Saudi Arabia energy minister on joint action aimed at stabilizing the situation in the oil market. We consider a production freeze the most efficient tool, concrete parameters are being discussed at the moment,” the RT online quoted Novak as saying.
According to Novak, Saudi Arabia was considering capping production for one month, three months or longer.
The world’s biggest producers are considering freezing production at levels of July, August or September of this year, said the Russian energy minister.