Saudi Arabia's Energy Minister Khalid al-Falih talks during the 23rd World Energy Congress in Istanbul, Turkey, October 10, 2016. REUTERS/Murad Sezer
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The oil price could recover to $60 a barrel by the end of 2016, Saudi Arabia's energy minister said, just weeks after agreeing to cut supply for the first time in eight years. The world's largest crude exporter will work with other producers to determine output caps, and is "optimistic" about reaching a deal by the end of November, although OPEC shouldn't take action that would shock the oil market, Khalid al-Falih said Monday. While Russia has signaled its intention to coordinate efforts with other producing nations to stabilize oil markets, the country doesn't expect to sign an oil output deal this week in Istanbul, Alexander Novak, the Russian energy minister, said in an interview in Moscow last week.
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