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Friday, October 28, 2016

Russia and Saudi Arabia came to an agreement on stabilization in oil prices

Russia and Saudi Arabia issued a joint statement aimed at stabilizing prices on black gold. The agreement was reached in China during the summit of “big twenty”. The market reacted to this sharp rise in oil prices.

photo: Gennady Cherkasov

The statement in Hangzhou was signed by the Minister of energy of Russia Alexander Novak and Minister Energetiki, industry and mineral resources Saudi Arabia Khalid al-Valicom, reports “Interfax”.

The Russian Minister stressed that Moscow and Riyadh are moving towards a strategic partnership in the energy sector. “Russia and Saudi Arabia’s high level of confidence that allows you to respond together to global challenges”, – said Novak.

After the joint statement of the two countries, oil prices immediately went up. Brent added five percent and now stands for 46.71 USD.

Note that in a recent Bloomberg interview, Russian President Vladimir Putin said that the agreement between oil-exporting countries to freeze production would be the right decision for the world market.

Read the material MK: “Oil has risen because of Putin”


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