Russia and Saudi Arabia signed a joint statement to stabilise the oil market. On Monday, 5 September, reports “Interfax”.
A statement signed during the G20 summit in Hangzhou with the Chinese head of the energy Ministry of Russia Alexander Novak and Minister of energy, industry and mineral resources of Saudi Arabia, Khaled al-Valicom.
According to Novak, Moscow and Riyadh are the largest manufacturers with the strongest impact on the industry, reports TASS. “Our coordination will be critical to ensure stability in the market,” he said.
Minister of energy of the Russian Federation noted that the balancing of the oil market tightened, freezing production could significantly accelerate the stabilization of the market, reports RIA Novosti.
Earlier, Reuters reported that representatives of Russia, most likely, will also meet with colleagues from Saudi Arabia within OPEC meeting in Vienna in November.
Brent crude has risen in price on 5 September, nearly five percent after the joint statement of Russia and Saudi Arabia, made in order to stabilize the oil market.
On 2 September the President of Russia Vladimir Putin in interview to Bloomberg said that an agreement between oil-exporting countries to freeze production would be the right decision for the world market.
At the summit on June 2 in Vienna, OPEC failed to agree on the freezing of oil production because of the position of Iran, which did not want to limit its growing production volumes. The next meeting of the cartel, which again raised the question of limitation of production, can take place on 26 September in Algeria.
