Saudi Arabia and Russia have agreed to cooperate in world oil markets, saying they will not act immediately but could limit output in the future.
The announcement sent prices higher on hopes the two top oil producers would work together to tackle a global glut, Reuters reports.
The joint statement was signed by the country’s energy ministers in China on the sidelines of a Group of 20 summit on Monday.
It followed a meeting between Russian President Vladimir Putin and Saudi Deputy Crown Prince Mohammed bin Salman.
Russian Energy Minister Alexander Novak said the two countries were moving toward a strategic energy partnership and that a high level of trust would allow them to address global challenges.
Saudi Energy Minister Khalid al-Falih said the agreement would also encourage other producers to cooperate.
“There is no need now to freeze production … We have time to take this kind of decision,” Falih said.
“Freezing production is one of the preferred possibilities, but it does not have to happen specifically today.”
– Contact us at [email protected]