Russia-OPEC talks to stabilize oil prices to benefit Azerbaijan - envoy

On Monday, Novak spoke to Venezuela's Oil Minister Eulogio Del Pino, confirming his willingness to participate in multilateral talks with OPEC members.

"We would like to see the prices of oil to go up. That is in our interest. If the Russians and OPEC can work something out that would be great," Suleymanov said on Monday.

Azerbaijan, which relies heavily on revenue from oil and natural gas exports, "will be interested to see what is the result of the conversations" between Russia and OPEC, Suleymanov noted.

Russian Energy Minister Alexander Novak reported last week that Russia may engage in talks with OPEC members, including possible discussions of OPEC cutting production in light of the saturated energy market.