Saudi Arabia: OPEC, Russia to Supply More Oil to World Markets ‘in the Near Future’

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Saudi Arabia says OPEC and Russia could supply more oil to world markets “in the near future” to make up for a collapse in Venezuelan output and the impact of US sanctions on Iran.

Speaking during a panel discussion hosted by CNNMoney’s Emerging Markets Editor John Defterios, Saudi energy minister Khalid Al-Falih said he was engaged in intensive discussions with Russia and other OPEC officials about how to balance the oil market.

“It is the intent of all producers to...

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