Russia ready to meet oil producers

Gloomy outlook: Pipework sits illuminated at night in a crude oil processing facility in Nizhenekamsk, Russia. Russia refused to cooperate with Opec last November in a move to defend its market share. Lack of storage and harsh weather conditions also limit Moscow’s ability to cut its exports, officials say. — Bloomberg

SOCHI: Russia, the world’s top oil producer, is ready to meet with Opec and non-Opec oil producers to discuss the situation on the global oil markets if such a meeting was called, its energy minister said on Saturday.

A separate meeting between Russian and Saudi officials was being planned for the end of October, to discuss energy issues and some other projects, Russian Energy Minister Alexander Novak told reporters.