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Saudi Arabia works on convincing Russia to join oil cuts

Reuters  |  VIENNA 

By Olesya Astakhova and Shadia NasrallaVIENNA (Reuters) - Saudi Arabia sought to persuade Russia on Wednesday to cut oil production substantially with OPEC next year in an attempt to arrest a decline in the price of crude and prevent another global glut.OPEC meets on Thursday in Vienna, followed by talks with allies such as Russia on Friday. The producer group's de facto leader, Saudi Arabia, has indicated a need for steep reductions in output from January but has come under pressure from U.S. President Donald Trump to push oil prices lower.Russian Energy Minister Alexander Novak told ...

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First Published: Wed, December 05 2018. 20:49 IST