Russia, Saudi Arabia sign agreement for oil market stability
Russian Energy Minister Alexander Novak was quoted as saying that the two countries were moving towards a strategic energy partnership. Saudi Energy Minister Khalid al-Falih said that he is optimistic regarding the cooperation of other producers before the meeting in Algeria this month and added that freezing production is not the only solution.
Brent crude oil prices had moved above $50/bbl near the end of August after talk that oil producers could cooperate for an oil output freeze, but the rally lost steam since few believe the producers will take real action.
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