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Russia, Saudi Arabia sign agreement for oil market stability

by ChemOrbis Editorial Team -
  • 05/09/2016 (17:45)
According to media reports, during the G20 summit in China, Saudi Arabia and Russia stated that they inked a pact in order to establish a task force to evaluate oil market fundamentals and to suggest measures which will protect 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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