Moscow, Riyadh Ready to Discuss Oil Market Stabilization Options - Minister

Russia and Saudi Arabia work constructively and are ready to discuss various options for stabilization of oil market, Russian Energy Minister Alexander Novak said Tuesday.

ISTANBUL (Sputnik) — The minister also noted that the sides "hear each other," and that he did not have any information that "Saudi Arabia has negative attitude toward it [Russia’s position on the matter]."

"We cooperate in a constructive manner, we are in regular contact. I believe that we and Saudi Arabia and are flexible enough to discuss various options," Novak said.

Earlier reports emerged that Novak was to meet with the representatives of Saudi Arabia on Tuesday on the sidelines of the World Energy Congress in Istanbul.

On the sidelines of the congress, OPEC members, as well as some oil producers which are not members of the cartel, are expected to discuss a recent deal on limiting oil output, which is set to become one of the most significant events held within the framework of the forum.

The congress is being held in Istanbul on October 9-13. The forum is taking place after late September's OPEC deal to set the cartel's output ceiling at 32.5-33 million barrels a day. The date of the oil output freeze is expected to be presented at the cartel's upcoming meeting on November 30. Russia said it was ready to limit oil production if OPEC member states reached such an agreement.