Bloomberg: Saudi, Russia Pledge Oil Cooperation Without Agreeing Freeze
* Countries have ‘number of tools’ for joint action, Novak says
* Oil pares gains as rapprochement falls short of concrete steps
The world’s top two crude-oil producers pledged to cooperate to stabilize global markets, while failing to announce any specific measures to bolster prices.
“We have a number of tools at our disposal for joint actions,” Russian Energy Minister Alexander Novak said Monday following a meeting with his Saudi counterpart Khalid Al-Falih at the G-20 summit in China. Both agree that an output freeze would be the most constructive instrument, he said.
Despite promise of a “significant” announcement -- leading to a 5.5 percent jump in oil prices -- no concrete actions were revealed at the joint press briefing in Hangzhou. Al-Falih denied there was any current need to cap production, saying “markets are trending in the right direction.”
Read more ....
More News On Russia And Saudi Arabia Agreeing To Cooperate On Oil Markets Jointly
Russia and Saudi Arabia mull options to freeze oil production -- TASS
Russia & Saudi Arabia discussing oil production freeze - Russian energy minister -- RT
Russia, Saudi Arabia pledge to stabilize oil output -- AP
Saudi Arabia, Russia sign oil pact, may limit output in future -- Reuters
Saudi Arabia, Russia Agree to New Oil Pact, But No Output Freeze -- WSJ
Russia, Saudi Arabia agree to stabilize oil price -- DW
Russia, Saudi Arabia plan oil output task force -- USA Today
Saudi Arabia And Russia Agree To Cooperate On Oil Prices -- OilPrice.com
Oil jumps as Saudi Arabia and Russia agree to work together -- CNN