Lower oil prices will close ineffective oil projects, decreasing output to support prices which will return to a "fair level", Russian Energy Minister Alexander Novak said on Wednesday, Nov 26, according to Reuters.

In Vienna, talks between Saudi Arabia, fellow OPEC member Venezuela and non-members Russia and Mexico yielded no agreement on Tuesday on how to address a growing oil glut, ending without any plan to cut output. OPEC meets on Thursday.

Novak told reporters Russia would not postpone its Arctic projects. Western nations imposed sanctions on Russia over Ukraine, including restrictions on foreign firms cooperating with Russian companies to explore the Arctic for hydrocarbons.