Saudi Arabia sees no need to freeze oil production. On Monday, September 5, said the Minister of energy, industry and mineral resources of the Kingdom, Khalid al-falih after signing the agreement with Russian energy Minister Alexander Novak, according to Bloomberg.
According to the Minister, frost is one of the preferred options. But now it is not necessary, since the conditions in the oil market are becoming every day better. “There is no need to freeze production,” said al-falih.
The Minister also underlined the importance of the agreement with Russia. According to him, Moscow and Riyadh will continue to work.
Earlier, on 5 September during the G20 summit in the Chinese Hangzhou head of energy ministries of Russia and Saudi Arabia agreed on cooperation to stabilize the oil market.
On the same day, after the joint statement of Russia and Saudi Arabia, Brent crude rose almost five percent.
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.
