Russia ready to talk with OPEC and non-OPEC producers

Russia is allegedly ready to enter talks with OPEC and non-OPEC producers has also lent tailwind to oil prices. Saudi Arabia and the other Arab OPEC producers from the Persian Gulf were only prepared to consider production cuts if non-OPEC producers were also willing to cut production. 

Nonetheless, it is unlikely that Russia will be willing to reduce production voluntarily, says Commerzbank. At present, Russian oil production totals 10.7 million barrels per day, which is its highest level since the end of the Soviet Union. The oversupply must be reduced if prices are to recover in any lasting fashion.