Saudi Arabia and Russia yesterday said they would co-operate to try to stabilise oil markets, but stopped short of agreeing immediate action to restrict production and end a glut that has halved prices in the past two years.
Traders have been watching for signs the world’s biggest producers could cap output when they meet in Algiers later this month, with some Opec members clamouring to shore up the price.
The energy ministers of Russia and Saudi Arabia, which together produce more than a fifth of the world’s crude, said at the G20 meeting in China that they could limit output, while establishing a “working group” to explore other ways to reduce market volatility. Russia is the largest exporter outside of Opec.
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