Russia, Saudi Arabia team-up for stabilisation
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.
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