Russian Energy Minister Alexander Novak met with his Saudi counterpart Khalid al-Falih in Oman and the two ministers expressed their satisfaction over how the oil market could restore its balance, the Russian Energy Ministry said.

“The market is witnessing successful joint efforts and prices are approaching $ 70 a barrel,” the ministry’s website quoted Novak as saying.

The Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, cut oil production by about 1.8 million bpd under an agreement that expires at the end of 2018.


Source: National Iraqi News Agency