Oil production from OPEC nations hit a record last month, although members have agreed to come up with a plan to reduce it before a meeting on November 30 in Vienn. (Representational Image)Russia’s oil minister signaled possible cooperation with Saudi Arabia at a meeting with his Gulf Arab counterparts in Riyadh, as the kingdom seeks to convince major oil producing countries to cut production in order to increase prices. The Vienna-based Organization of the Petroleum Exporting Countries last month agreed to reduce daily output to between 32.5 million and 33 million barrels, sending the price of crude up about 15 per cent. The cartel is seeking help from countries who are not members, such as Russia, to join in its efforts to curb supply. The Russian position could signal a rare bright spot in its recent relations with Saudi Arabia.

Source: Indian Express October 24, 2016 00:22 UTC