Russia and Saudi Arabia to work together to counter low oil prices
The Russian Federation and Saudi Arabia intend to work together to counter a prolonged fall in oil prices. A joint working group will deal with the development of and agreement on a plan in that area, DPA (Germany Press Agency) reports.
Its establishment is envisaged in the bilateral agreement signed on September 5 at the G20 summit.
Relevant statements were made by the Minister of Energy of the Russian Federation, Alexander Novak, and the Minister of Energy, Industry and Mineral Resources of Saudi Arabia, Khalid Al-Falih.
“Our coordination will be crucial for ensuring stability on the market,” Interfax cites Novak. The Russian minister noted that both countries have specific tools of influence over the oil market, including the ability to freeze oil production.
“We have a number of specific tools of joint actions including … issues regarding production volume – so-called freezing,” he said.
Russia and Saudi Arabia are the world leaders in oil export and production. The economies of both countries are greatly affected by energy price fluctuations.