OPEC meets, Russia says it won’t reduce oil prices
OPEC is scheduled to meet on Tuesday in Vienna to discuss how to reduce prices and how to keep pumping to boost the global economy.
Russia’s oil minister said he would not sign a resolution to cut output that could weaken the global economic recovery.
Russian President Vladimir Putin is expected to hold talks with Saudi Arabia’s crown prince and other top oil executives at the OPEC summit in Vienna, according to Russian state media.
The meeting, set for the beginning of next week, comes as U.S. shale producers are struggling to recover from a $100 billion production spike this year and U.K. shale firms are grappling with a slump in output amid a prolonged economic downturn.