Russia and Saudi Arabia join the efforts to settle global oil market

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The two largest oil producers, Russia and Saudi Arabia, agreed to join the efforts in order to settle global oil market, Calgary Herald reports citing a statement released by the Russian side. It is mentioned that the agreement has quite a general character by now and it is not yet clear what exact steps the two countries may take to fulfill their plan.

Russian energy minister Alexander Novak and his Saudi colleague Minister Khalid al-Falih met on Monday on the sidelines of the Group of 20 nations' summit in China. The ministers agreed to act together “in order to stabilize the oil market” but did not specify the measures they would take. Both sides mentioned that production freeze may be one of the steps but it should not be concerned as the only way out.

"We believe that the market right now is taking too long to balance out, it's been two years, and joint steps which were considered earlier this year including a production freeze could be a great help in helping to balance the markets as soon as possible," Russian news agencies quoted Novak as saying.