Russia ready to meet Opec over low oil prices

Moscow - Russia's energy minister says Moscow is ready to take part in an Opec meeting aimed at establishing possible "co-ordination" in the face of low oil prices due largely to a supply glut.

Moscow, which is not a member of the oil cartel, has seen its recession-hit economy damaged further by a recent slump in oil prices to a 12-year low.

Energy Minister Alexander Novak said: "Opec countries are currently trying to convene a meeting with the participation of member countries and non-members to take place in February."

"Some countries have proposed this initiative and the question is being studied by different nations. From our side, we have confirmed the possibility of our participation," Novak said.

Upcoming meeting

A meeting could allow for "consultations about the situation on the market; the low price and possibilities for co-ordination in terms of production," Novak said.

The minister also alleged Opec heavyweight Saudi Arabia had proposed that oil-producing countries cut production by up to 5%, a prospect he said would be discussed at an upcoming meeting.

Saudi officials have not commented on Novak's claim.

The Kuwaiti and Iraqi oil ministers said on Tuesday that Opec would not cut production unless producers outside the cartel do the same, despite the plunge in crude prices.

Last year Russia's oil production hit a post-Soviet high of 10.7 million barrels a day on average.