MOSCOW (Sputnik) — The Russian Energy Ministry is engaged in intensive talks with foreign colleagues on oil market stabilization, Kremlin spokesman Dmitry Peskov said Thursday.
“A lot of contacts are taking place. If you remember, there was a meeting in Istanbul, where questions related to bilateral cooperation had been discussed, but also some issues on cooperation to stabilize the global oil market had been touched upon. In this regard, energy ministers had been advised to continue those contacts, which [Russian Energy Minister Alexander] Novak is actively working on, he is engaged in a truly intensive correspondence,” Peskov said.
Most oil-producing countries have been hit by the collapse in prices, which plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003. Prices have since recovered to around $45-50 per barrel for the Brent crude benchmark.
