Russia, Saudi Arabia team-up for stabilisation
HANGZHOU, September 5, 2016 – The energy ministers of Russia and Saudi Arabia, the two biggest oil producers in the world, on Monday agreed to jointly work on measure aimed at stabilising oil prices.
Announced Russia’s Alexander Novak and Saudi Arabian Minister of Energy, Industry and Mines Khalid al Falih at the G-20 summit in China’s Hangzhou, the agreement will see the two countries set up a working group to keep the pulse of the market. The ministers declined to give further details, nor did they broach the topic of a cap on oil production.
Later that afternoon, however, Al Falih said that while freezing oil production was a “favourable option,” it was “not necessary today,” casting doubts on the likelihood of an agreement on the issue at a conference in Algeria later this month.