Top Oil States to Complete Output Talks by March 1, Russia Says
- Talks possible with more non-OPEC states, Energy Minister says
- Iran hasn't commented on freezing production at January levels
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Major oil-producing nations, seeking to curb a flood of supply that’s cut prices almost in half in the past year, agreed to wrap up talks on capping output by the start of March, according to Russia’s Energy Ministry.
“We agreed that all consultations should be completed by March 1,” Energy Minister Alexander Novak told state TV on Saturday. Countries publicly supporting the deal export about three-quarters of the world’s crude, so it “would be a positive signal” for the market, Novak said.