By September 5, 2016 Read More →

Russia, Saudi Arabia to set up task force to secure oil market stability

oil market

Saudi Arabia’s Energy Minister Khalid al-Falih with Russian Energy Minister Alexander Novak have agreed to set up a task force to stabilize the oil market.  Khalid al-Falih Twitter photo.

Russia, Saudi Arabia sign agreement to cooperate on oil market stability

BEIJING, Sept 5 (Reuters) – Russia and Saudi Arabia agreed to set up a task force to review oil market fundamentals and to recommend measures and actions that will secure oil market stability, according to a joint statement issued on the sideline of G20 summit on Monday.

In a statement, Russian Energy Minister Alexander Novak said “We have agreed with Saudi Arabia energy minister on joint actions aimed at stabilising situation on the oil market. We consider a production freeze the most efficient tool, concrete parameters are being discussed at the moment.”

Saudi Arabia has signed an agreement to seek cooperation in the oil market with Russia, Energy Minister Khalid al-Falih said at a news conference at the G20 in the eastern Chinese city of Hangzhou.

Novak said at the news conference that cooperation with Saudi Arabia includes ways to stabilize global oil markets, including limiting oil output.

Russia and Saudi Arabia are the world’s first- and second-largest oil producers, respectively.

(Reporting by Ruby Lian in HANGZHOU and Josephine Mason in BEIJING; Editing by Christian Schmollinger)

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