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Russia Says It Will Work With Saudis To Return Stability To Oil Markets

Russia says it has agreed with Saudi Arabia to work on ways to return stability to world oil markets.

Russian Energy Minister Alexander Novak said September 5 on the sidelines of the G20 summit in China that Moscow is ready to join an oil output freeze deal if such a decision is taken. He also said an oil output freeze would help oil markets.

Novak also said he will meet with Saudi Arabian Energy Minister Khalid al-Falih in Algeria in September.

The globe's major oil producers have been unable to strike a deal on freezing output, due mainly to a dispute between Saudi Arabia and Iran over Tehran's desire to boost levels after the lifting of sanctions.

The oil market has been plagued by a stubborn supply glut that saw prices plunge to near 13-year lows below $30 at the start of 2016.

While it has recovered recently, it is still well off highs above $100 seen in mid-2014.

Based on reporting by Reuters and AFP

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