Russia and Saudi Arabia reaches consensus on oil supply cuts

Russia and Saudi Arabia reached consensus on oil supply cuts, Russian Energy Minister Alexander Novak said after meeting his Saudi counterpart Khalid al-Falih.

"We understand that we need to take further steps to rebalance the market. We have a common understanding (with Falih)," Reuters cited Novak as saying.

The meeting was held one day before a full OPEC meeting in Vienna to discuss oil prices, the Russian energy ministry said in a statement on Twitter.