Russia and other large oil producers will next month discuss relaxing an agreement that has cut output and helped support crude prices —a move that could relieve some of that price pressure in coming weeks. Russian Oil Minister Alexander Novak said he would discuss with counterparts from Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries the possibility of a “gradual output recovery,” according to RIA, a Russian state news agency. The talks will take place during a scheduled OPEC meeting in Vienna. Persian Gulf producers, meanwhile, have been discussing ways to allow more barrels onto global markets. The softening comes just a few weeks after OPEC and Russian officials met in Jeddah , Saudi Arabia, and presented what appeared to be a unified front about their commitment to keeping output limited. Any loosening would represent the first move to pare back or realign what […]