Hopes for OPEC, Russia Output Deal Fade

Russia’s Energy Minister and Venezuela’s Oil Minister had earlier on discussed the possibility of holding joint consultations between OPEC and non-OPEC countries to find a common ground for the challenge of slumping crude oil prices. However, analysts have warned against putting too much hope on the possibility of a deal between non-OPEC crude producer Russia and OPEC, saying it was “highly unlikely” as such a move would also be self-defeating, because stronger prices would bring previously shelved production back to the market. Meanwhile, the dollar gained support after Japan’s Central Bank shocked markets Friday with a decision to adopt a below-zero interest rate policy to spur bank lending and drive up inflation.