Russia is ready to continue working with OPEC to help rebalance oil markets, a Russian energy source said on Wednesday, adding that Moscow welcomed a flexible approach by OPEC’s leader Saudi Arabia to accommodate rising output from Nigeria and Libya, Reuters reports.

On Tuesday, a Saudi Arabian industry source said the kingdom hoped to accommodate the rise in production from Libya and Nigeria through supply adjustments elsewhere but emphasized a need to work together with other producers.

Six ministers from the Organization of the Petroleum Exporting Countries and non-OPEC producers, including Saudi Arabia and Russia, will meet in St Petersburg, Russia, on July 24 to discuss compliance with production cuts and progress toward market rebalancing.

 

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