Oil producers confident of managing supply disruptions, big price increases

OPEC and non-OPEC oil producers meeting in Vienna

Saudi Arabia and Russia began a meeting between OPEC and non-OPEC oil producers with an early signal Sunday that they had confidence in the group’s ability to manage supply disruptions and any big price increases.

After nearly two years of close coordination on crude oil output, the Organization of the Petroleum Exporting Countries—de facto led by Saudi Arabia—and its allies led by Russia, said supply and demand in the market had been sufficiently rebalanced.

“We have achieved the objectives pretty much of what we set out in 2016,” said Saudi Arabian energy minister Khalid al-Falih at the start of the gathering. “Markets