Brent crude oil appears to continue rising through what has been a volatile week for the industry.
The meeting had been expected to finalize a deal to freeze output at January levels until October 2016.
Alexander Novak believes oil's recovery will continue.
Britain hopes to save Mehdi Shams, an Iranian businessman who was sentenced to death in Iran last month.
More Russians live in poverty now than during the financial crisis of 2008.
At least 15 other countries are prepared to back the freeze, says Russia's energy minister.
Saudi Arabia is at odds with Russia over Syria, but the Gulf State will still try to find common ground.
Nigeria is fighting Boko Haram while Saudi Arabia recently set up an international coalition against terrorism.
Bills must be paid in U.S. dollars and bonuses have been slashed, according to an AP report.
Saudi oil minister says that the decision was taken as "we want a stable oil price."
Remember when oil prices were $140 a barrel and it was predicted they would reach $200? Now, oil prices are $34.
The African nation's budget deficit is predicted to double in 2016.
Under the circumstances, the Kremlin is unlikely to continue its costly war with Ukraine.
The Interior department's proposal would require oil and gas producers to use technology to limit flaring at oil wells.
Oil prices have slid more than 25 percent so far this year