Saudi Arabia and Russia together to stabilize the oil market. The announcement of an agreement between the two largest producers of crude oil, arrived on the sidelines of the G-20 in Hangzhou, at first it was boosted by more than 5% of the international oil prices, bringing the Brent to almost $ 50.
But the rise was subsequently scaled. Again, beyond the words, it does not seem to be much to convince investors have become increasingly skeptical of the real possibility of an intervention to support the market.
Putin’s (and the dollar) revived the oil rush
Saudis and Russians have not specified effects in that way opereraranno together. “We have several tools available for joint actions”, was limited to say the Russian Energy Minister Alexander Novak after meeting with his Saudi counterpart Khalid Al-Falih. Novak has still said – as it did President Vladimir Putin – that Moscow is ready to join any agreement to freeze oil production.
Al-Falih said instead in a subsequent television interview Al Arabiya did not see for the moment the urgent need to limit the output, because supply and demand “will return more or less in balance this year.” It is true, however, granted that “a coordinated decision, appropriate and collective help the rebalancing.”
Putin calls for an agreement with OPEC to freeze oil production
the joint statement released by Saudi Arabia and Russia confirmed that there will be talks between OPEC producers and not on the sidelines of the international energy Forum, which will open on September 26 in Algiers. Also remember that there will be a group of Russian-Saudi bilateral working in October.
“We can not yet take upon ourselves alone the responsibility- stressed the Saudi Al-Falih – We will play a leadership role and we will push others to join. We are optimistic that the Algiers meeting will reach a quorum. “
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