Oil traders appear increasingly confident that major producers will reach an agreement to cap output thanks to comments from Russia’s energy minister on Monday, but Saudi Arabia is still the major player on how far this rally will go. Alexander Novak, Russia’s energy minister, said his country, which is not a member of OPEC, is working with the Saudis and other producers to stabilize the oil market, according to an interview with Saudi-owned newspaper.
Russia is the world’s largest crude-oil producer, while Saudi Arabia is OPEC’s largest producer and the world’s biggest oil exporter.
