Russia reaches out to OPEC as Riyadh opens oil taps

Russia said Tuesday it was open to renewing cooperation with the OPEC oil cartel even as kingpin Saudi Arabia escalated a price war with Moscow by announcing it would flood markets with new supplies. The oil price conflict broke out after OPEC and a group of non-member countries dominated by Russia -- the world's second largest oil producer -- on Friday failed to agree on production cuts.

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