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Russia and Saudi Arabia reaches consensus on oil supply cuts

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Staff Writer | November 30, 2017
Alexander Novak
Cooperation   "We have a common understanding"

Russia and Saudi Arabia reached consensus on oil supply cuts, Russian Energy Minister Alexander Novak said after meeting his Saudi counterpart Khalid al-Falih.

"We understand that we need to take further steps to rebalance the market. We have a common understanding (with Falih)," Reuters cited Novak as saying.

The meeting was held one day before a full OPEC meeting in Vienna to discuss oil prices, the Russian energy ministry said in a statement on Twitter.

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