
© Sergei Karpukhin / Reuters A worker walks past a drilling rig at a well pad of the Rosneft-owned Prirazlomnoye oil field outside the West Siberian city of Nefteyugansk, Russia, August 4, 2016.
Russian Energy Minister Aleksandr Novak said Russia is considering engaging in talks with Saudi Arabia on stabilizing oil prices. The possibility of a production freeze between the world's largest producers has boosted global oil prices.
"With regard to cooperation with Saudi Arabia, the dialogue between our two countries is developing in a tangible way, whether in the framework of a multi-party structure or on a bilateral level," Novak told Saudi newspaper
Asharq al-Awsat.
"We are cooperating in consultations regarding the oil market with OPEC countries and producers from outside the organization, and are determined to continue dialogue to achieve market stability," he added.
The news helped recently slumping oil prices to rally. On Monday, North Sea benchmark Brent reached August highs of $47.61 per barrel, while US WTI crude traded above $45 a barrel.
Prices are rising despite data from the US that shows its oil rigs count continued to grow for seventh week in a row, the longest run since 2014.
Comment: In a separate statement, Russian Defense Minister Shoigu said today: Also: