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Russia, Saudis tentatively offer to freeze oil production levels

Russia, Saudis tentatively offer to freeze oil production levels

DUBAI, United Arab Emirates — Russia’s energy minister said Tuesday that his country has agreed with OPEC members Saudi Arabia, Qatar and Venezuela to freeze oil production levels if other producers do the same. The ministry quoted Energy Minister Alexander Novak announcing the decision following an unexpected, closed-door meeting involving the four countries in the Qatari capital, Doha. The meeting ...

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Russia: No firm plans to coordinate oil output with OPEC

Russia: No firm plans to coordinate oil output with OPEC

MOSCOW (AP) — The Kremlin says there are no concrete plans to cut oil output in coordination with major producers Saudi Arabia and OPEC. Spokesman Dmitry Peskov told reporters on Thursday that Russia is “actively discussing the instability of oil markets,” with Saudi Arabia and OPEC, but, as of yet, there are no conclusions from the talks. On Wednesday, the ...

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Russia warns cuts needed to avoid repeat of ’98 crash

Russia warns cuts needed to avoid repeat of '98 crash

MOSCOW — Russia’s leaders are warning the government will need to make more cutbacks if the nation is to avoid a repeat of the 1998 financial crash, the country’s biggest post-Soviet economic trauma. The economy, which is heavily reliant on its massive oil and gas industry, is getting hammered by the plunge in global energy prices. State revenues are running ...

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Turkey seeks to diversify supplies amid dispute with Russia

BAKU/ANKARA – Turkey’s leaders have mounted a charm offensive among regional energy producers in an effort to diversify supplies as relations with major natural gas provider Russia crumble following the downing of a Russian warplane by the Turkish airforce. President Tayyip Erdogan and Prime Minister Ahmet Davutoglu have traveled to key energy partners Qatar and Azerbaijan respectively this week in ...

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More Russian oil drilling shows its resolve to OPEC

MOSCOW – Russian oil firms are drilling more, showing the world’s top crude producer is ready for a longer fight for market share with OPEC, as its industry can carry on even if oil prices reach $35 per barrel. As OPEC prepares to meet on Friday in Vienna, Russia is sending a low key delegation for talks which are very ...

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Ukraine stops buying Russian gas, closes airspace

MOSCOW — Tensions between Russia and Ukraine escalated Wednesday as Ukraine decided to stop buying Russian natural gas — hoping to rely on supplies from other countries — and closed its airspace to its eastern neighbor. Russia’s annexation of Crimea from Ukraine in March 2014 and its support for separatist rebels in the east has brought relations between the two ...

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