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ALGIERS — The head of OPEC says he hopes oil producing nations like Russia will join the organization, or at least agree to output cuts to help spark a rally in prices.
Chakib Khelil, who is also Algeria's oil minister, says oil producers such as Russia, Norway and Mexico should "express their solidarity" with OPEC, either by joining the cartel or by following its reductions of output quotas.
His comments Tuesday came as oil prices fell to a 3-year low below $48 a barrel, despite an announcement by the Organization of Petroleum Exporting Countries this weekend that it planned to reduce production to sustain prices.
Russian officials say they are preparing a cooperation agreement with OPEC that could be examined at the cartel's meeting this month in Algeria.
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- Regions: Russia , Norway , Mexico , Algeria
 | Oil plummets below $44 per barrel on economic news | Associated Press | Fri Nov 28 | 0 |
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