Balancing of oil market protracted, freeze could bring stabilization substantially closer - Novak
HANGZHOU. Sept 5 (Interfax) - The balancing of the oil market has been protracted and a freeze on oil production could bring price stabilization substantially closer, Energy Minister Alexander Novak said during a meeting with Saudi Arabian Energy, Industry and Mineral Resources Minister Halid Al-Falih, an Interfax correspondent reported.
A freeze would have a favorable effect on the oil market situation, Novak said.
"We think the oil market stabilization has been fairly protracted, [it's been dragging on for] more than two years, and of course the joint efforts that were discussed at the start of the year, including the freeze, could have brought the day then these markets are balanced substantially closer," Novak said.
"This is a lot of work, and it has been under discussion since the start of the year, and Russia has always had a positive enough attitude to it. And we are prepared, if the decision is reached, to join [the production freeze]," Novak said.