Russian foreign minister to discuss oil price management in UAE, Oman

Russian Foreign Minister Sergei Lavrov will visit the United Arab Emirates and Oman next week to discuss ways to bring global oil prices to a "fair level," the ministry said Friday.

"A relevant issue that will be discussed in the two capitals is the situation surrounding energy suppliers on the global market," spokeswoman Maria Zakharova said, according to an Interfax news agency report.

"First and foremost there stands a very pressing task of reducing volatility and ensuring a fair level of prices for hydrocarbons, by achieving a sustainable balance between supply and demand," Zakharova told a press briefing.

Lavrov will make the visit on Tuesday and Wednesday, state news agency TASS reported, without specifying which countries will be visited on which days.

Russia's oil-dependent economy is in the doldrums as prices for the commodity have plummeted over the past year, spurring a drastic devaluation of Russia's national currency.

Last update: Fri, 29/01/2016 - 16:01

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