Oil Rises Amid Talk That OPEC, Russia to Reconsider Production
- Iraq says Saudis, Russians are more flexible on output cuts
- U.S. supply probably rose 4.1 million barrels, survey shows
How Storage Shortfalls Could Drive Oil to the Teens
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Oil climbed after Iraq’s oil minister said at a conference in Kuwait that Saudi Arabia and Russia are now more flexible about cooperating to cut output.
Futures rose 3.7 percent in New York. Saudi Arabia and Russia, the world’s biggest oil producers, have become more flexible about collaborating to trim output as crude prices have fallen to unforeseen levels, Iraqi Oil Minister Adel Abdul Mahdi said Tuesday. Russia could work with OPEC to remove supply, OAO Lukoil Vice President Leonid Fedun told state news agency Tass.