Russia to join OPEC meeting to cut oil production

OPEC has also offered other key non-members of the oil cartel to attend a session in Vienna later this month, the Qatari energy minister said on Wednesday.

"This meeting is meant to give a better understanding of the best way of how to move towards the rebalancing of the market to the interest of all - not only producers and exporters but also the world economy," Mohammad Saleh al-Sada said at the World Energy Congress in Istanbul.

Other than Russia, he did not reveal which other non-OPEC countries were being invited to cooperate.

OPEC members - including the Gulf states and Iran - recently agreed to the first cut in production in eight years in a bid to raise oil prices, which have more than halved in the last two years.

The dip in petrodollars flowing into the Middle Eastern economy has been felt the most in the oil-rich Gulf, which relies heavily on oil trade.

In Saudi Arabia, for example, deputy crown prince Mohammed bin Salman has introduced bold measures it is hoped will diversify the kingdom's economy.

Russian Energy Minister Alexander Novak said on Wednesday the "informal" meeting had discussed not only current market conditions but also "mechanisms" of cooperation between OPEC and non-OPEC countries.

He confirmed that Russia had been invited to the OPEC meeting later this month which would try and "work out a roadmap for the cooperation of our countries" in the rebalancing of prices.

Novak praised the discussions in Istanbul as "constructive".

He said that no concrete figures were discussed at the meeting.

"As for figures, that is in the future and and I think (at the October meeting) we will discuss more or less concrete parameters," he said.

On Monday, Russian president Vladimir Putin backed the OPEC plan to curb energy output saying it was the "only way" to boost the market.