Russia calls for tighter compliance with oil output cuts
July 23, 2017
MOSCOW (AP) — Major oil producers need to show greater discipline in sticking to output cuts aimed at raising the price of crude, Russia's energy minister said Monday.
OPEC and several non-OPEC states like Russia decided last year to rein in output, but prices have fallen below $50 a barrel in recent weeks amid concerns about higher production in the U.S., which was not part of the deal, and some countries' lack of discipline in enforcing the cuts.
Following a meeting of OPEC and non-OPEC countries in the Russian city of St. Petersburg on Monday, Alexander Novak said complained that "some...