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Russia, one of the world's top oil producers, has repeatedly
refused to cooperate with the Organization of the Petroleum
Exporting Countries in recent years despite the falling price of
oil, the lifeblood of its economy.
Any hope of sealing a global output deal has so far foundered on
Iran's position. Tehran is boosting production to try to regain
market share after sanctions were lifted, paving the way for it
to re-enter the market after a long absence.
The prospect of cooperation between Iran and leading producer
Saudi Arabia is further complicated by the fact that the two
countries are geopolitical foes who support different sides in
conflicts in both Syria and Yemen.
"We all need stability on the oil market and a return to normal
(crude) prices," RIA quoted Kabulov as saying.
"And these are the key nations, especially Saudi Arabia and
Iran, which is striving to return to the oil market,
anticipating the removal of sanctions."
Some OPEC countries are trying to achieve a consensus among the
group, while some non-members back an oil production freeze,
sources familiar with the discussions said last week, a possible
attempt to tackle the global glut without cutting supply.
Top exporter Saudi Arabia might be warming to the idea, though
it was too early to say whether it would give its blessing
because any deal would mainly depend on a commitment by Iran to
curb its plan to boost exports, the sources said.
Even as officials on both sides discussed the possibility,
Russia and OPEC continued to pump oil at some of the highest
levels in recent times last month, suggesting both were locked
in a fierce struggle for market share.
Benchmark Brent crude <LCOc1> has fallen around 70 percent since
mid-2014.
(Reporting by Maria Kiselyova; Writing by Dmitry Solovyov and
Katya Golubkova; Editing by Andrew Osborn and Susan Thomas)
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