Russia oil minister meets Saudis, Gulf countries in Riyadh

AP News
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Posted: Oct 23, 2016 11:32 AM

RIYADH, Saudi Arabia (AP) — Saudi Arabia says its oil minister is meeting with his Russian and Gulf Arab counterparts in Riyadh, as the kingdom pushes to convince major oil producing countries to cut production in order to increase prices.

In a statement, Oil Minister Khalid Al-Falih said the Sunday meeting seeks to "restore balance" to the market, where a surge in production globally has led to low prices that have weakened state coffers including that of the Saudis.

Oil production from OPEC nations hit a record last month, although members have agreed to come up with a plan to reduce it before a meeting on Nov. 30 in Vienna.

Russia and Saudi Arabia are adversaries in the Syrian civil war, with Moscow supporting President Bashar Assad and Riyadh aiding rebels who seek his overthrow.