Russia and Saudi Arabia discussed the situation on the oil market last week and agreed to continue consultations, exchanging views on demand, production and shale oil, Russian Energy Minister Alexander Novak told reporters on Tuesday. Even though the oil price has halved since last year on oversupply, Russia, the world’s top oil producer, has refused to cooperate with OPEC, where Saudi Arabia is the leading producer. Both OPEC and Russia are instead increasing production in a move to defend market share. Novak did say on Saturday that Russia was ready to meet with OPEC and non-OPEC producers to discuss the market and his comments have supported prices, although analysts have warned that relations may suffer over the two sides’ […]