After months of blowing hot and cold on the question of cooperating with Opec towards rebalancing oil markets, and in turn stabilizing oil prices, Moscow now says it is ready to talk with the 12-member producer group. But with Opec this week talking up prospects for an improvement in oil market dynamics in the near-term, coordinated action – for now at least – still appears unlikely.

Speaking in the Russian capital over the weekend, Russian Energy Minister Alexander Novak said the world’s top oil producer is now ready to meet with both Opec and non-Opec oil producers to discuss the current state of the oil market if such a summit was planned. Mr Novak said a separate meeting between Russian and Saudi energy officials was being planned for later this month to discuss a number of energy issues and other projects, though he gave no indication as to how far Moscow would be willing to go to should it be asked to cooperate. (CONTINUED - 1460 WORDS)