Sergei Lavrov said that Russia is prepared to take part in a meeting with the Organization of the Petroleum Exporting Countries and oil producing states outside the cartel.

Russia is prepared to take part in a meeting with the Organization of the Petroleum Exporting Countries (OPEC) and oil producing states outside the cartel, should such talks take place, Foreign Minister Sergei Lavrov said Wednesday.

“If at any moment consensus is achieved among all oil producing countries on the necessity of the meeting, we will, of course, be prepared to take part,” Lavrov told reporters during a visit to Oman.

It is unlikely that anyone understands the current state of the energy market, Lavrov said, stressing the importance of monitoring the unfolding situation and exchanging opinions. Russia is engaged in these activities alongside both OPEC and non-OPEC oil producers, he added.

In recent weeks, officials from OPEC member states and non-OPEC oil producing countries have spoken of a possible meeting to address the declining oil prices, which have caused significant financial problems for some states.

Market prices for crude benchmarks dropped to a 12-year low in mid-January, sliding below the historic level of $30 per barrel before a small recovery after January 20. The drop in prices has been attributed to a prolonged global oversupply and low demand, as well as the unwillingness of OPEC countries to cut their production out of fear of losing market share.