Russia ready to cut oil output: OPEC chief
The world's biggest energy producer Russia is "on board" with an OPEC agreement named the 'Algiers Accord' to limit crude oil production to help re-balance the market, OPEC chief Mohammed Barkindo said. OPEC members and other key oil producers have been in talks since September to increase oil prices. Notably, OPEC produces 40% of the world's oil.