A general view shows oil treatment facilities at Vankorskoye oil field owned by Rosneft company north of the Russian Siberian city of Krasnoyarsk, Russia, in this March 25, 2015 photo. REUTERS/Sergei Karpukhin
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A month after promising co-operation that would re-balance global oil markets, the producer coalition forged by Saudi Arabia and Russia is having difficulty taking its first step. OPEC members and rival producers have yet to decide when, or where, to hold talks on a proposed accord to freeze oil output, a strategy aimed at curbing the worldwide oversupply. The process received Wednesday another setback when a gathering of Latin American producers scheduled for Friday in Quito, Ecuador, was pushed back.OPEC members and Russia reached a tentative agreement on Feb. 16, their first in 15 years, to cap oil output to ease a crude-price slump that's pummeled economies, markets and companies. While a production freeze alone is seen as inadequate to tackle the oil surplus, Saudi Arabia's description of the deal as "the beginning of a process" spurred speculation that more concrete steps may be taken.
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