Key members of the Organization of Petroleum Exporting Countries intend to meet with other producers in Russia on March 20 to renew talks on an agreement to cap oil output, Nigeria’s petroleum minister said. There will be a “dramatic price movement” when the meeting takes place, Nigerian Minister of State for Petroleum Resources Emmanuel Kachikwu said at a conference in Abuja, Nigeria’s capital, on Thursday. Saudi Arabia, Russia, Qatar and Venezuela agreed on Feb. 16 in Doha that they would freeze production, if other producers followed suit, in an effort to tackle the global oversupply. “Both the Saudis and the Russians, everybody is coming back to the table,” Kachikwu said, adding that producers generally seek a recovery in the crude price to $50 a barrel. While Russia confirmed its readiness to take part in the talks, the time and date of the meeting is still being discussed, according to […]