Russia supports OPEC production freeze and cuts

Russia has concluded a round of talks to help coordinate OPEC and non-OPEC efforts to stabilise oil prices, but market sentiment is already looking more bullish Russia has concluded a round of talks to help coordinate OPEC and non-OPEC efforts to stabilise oil prices, but market sentiment is already looking more bullish.
By Peter Stewart 26 October 2016 0 24386
Khalid al-Falih, president and chief executive of Aramco, met Russian Energy Minister Alexander Novak at the weekend. (World Energy Congress)

A flurry of activity took place between Russia and other countries over the weekend, hinting that moves may be underway to stabilise the oil market. Russian Energy Minister Alexander Novak met his Saudi Arabian counterpart Khalid al-Falih, then flew on for talks at the OPEC Secretariat in Vienna. Novak also held a meeting on 25 October in Moscow with Venezuelan Oil Minister Eulogio del Pino, who also met Igor Sechin, chief executive of Russian oil producer Rosneft.

All three meetings suggest joint action by OPEC and...

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