Russia is prepared to meet members of the Organization of the Petroleum Exporting Countries next month to talk over reducing oil output.
OPEC has not announced the February meeting, but Venezuela, Nigeria, and other cash-strapped members have been pressing for emergency talks following oil prices slid to a 12-year trough of $27 per barrel last week.
Saudi Arabia has expressed inhibitions on Russia’s willingness and capacity to reduce output, but comments from Energy Minister Alexander Novak are the latest hints the country is considering reversing its position on slashing production.
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