Qatar reacts positively to Russian-Saudi agreement

According to media reports, Qatar’s Energy Minister Mohammad al-Sada stated that he welcomed news of an agreement between Saudi Arabia and Russia to balance oil markets which was reported from the sidelines of the G20 summit being held in China.

On Monday, Saudi Arabia and Russia agreed to collaborate for the stabilization of oil prices, stating that they will not act instantly but they can limit output in the future in case of a global glut.

This agreement led to a short rally in crude oil prices, but the rally was not long-lived as oil players are not convinced that OPEC will really take action to cut output.