Russia and Venezuela Discuss Oil Production Freeze

Russian Energy Minister Alexander Novak said he discussed plans for a possible oil production freeze with his Venezuelan counterpart Eulogio del Pino on the sidelines of the St Petersburg International Economic Forum.

"We discussed the possibility of coordination and further work. If the current situation (on the global oil market) deteriorates, we will return to the possibility of further consultations (on a freeze)," Novak said about his meeting with del Pino on Wednesday.

Leading oil producers, including Russia, failed to agree on output production cuts at a meeting in Doha in April. The idea of an output cap was initially suggested in January, when oil prices hit a 13-year low of $27 per barrel due to oversupply.

Since then the prices have recovered to trade at around $50 per barrel.