Saudi Arabia, Russia and other large oil producers are racing to negotiate a deal to stem the historic price rout, as diplomats pressed to get the US to join the coalition.

“President Putin and the Russian side in general are keen to engage in constructive negotiations, which is the only way to stabilise the international energy market,” Kremlin spokesperson Dmitry Peskov said in a pre-recorded interview aired on state TV on Sunday. Failure would mean a collapse in prices...

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