VIENNA: Opec tentatively agreed an oil-output cut on Thursday but was waiting to hear from non-Opec heavyweight Russia before deciding the exact volumes for a production reduction aimed at propping up crude prices.
Russian Energy Minister Alexander Novak flew home from Vienna earlier for talks with President Vladimir Putin in St Petersburg. Novak returns to the Austrian capital on Friday for discussions among Saudi-led Opec and the group’s allies.
“We hope to conclude something by the end of the day tomorrow... We have to get the non-Opec countries on board,” Saudi Energy Minister Khalid al Falih said before the Opec meeting started. “If everybody is not willing to join and contribute equally, we will wait until they are.” — Reuters
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