OPEC says a price near $60 will avoid added shale production Recently renewed talks of a production freeze among OPEC and some non-OPEC producers including Russia have helped to bolster the price of oil in recent weeks, but the organization may not try to raise oil prices beyond $60 per barrel for fear of a renewed glut. On Monday, Russian Energy Minister Alexander Novak and his Saudi Arabian counterpart, Khalid al-Falih, met on the sidelines of the Group of 20 summit in China. A joint statement released by the ministers said “there is an imperative to mitigate excessive volatility harmful to global economic stability and growth.” To that end, the ministers agreed to “act jointly or with other producers,” to help stabilize the price, and have agreed to a Russian-Saudi task force on oil and gas, which will meet in October. Novak mentioned a production freeze was one possible […]