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.”
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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
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