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Russia and Saudi Arabia agree to stabilize oil market

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Staff Writer | October 25, 2016
Minister Alexander Novak
Oil prices   Freezing oil production in Russia and other countries

Moscow and Riyadh have found common ground on a possible agreement with OPEC and a plan to stabilize oil prices after a meeting in the Saudi capital.

Russian Energy Minister Alexander Novak met with representatives of Saudi Arabia and other major regional oil producers at the Gulf Cooperation Council (GCC) conference in Riyadh.

They discussed possible means to stabilize the slumping oil prices, and the parties appeared to come to an agreement.

“We discussed questions related to freezing oil production in Russia and other countries that may join in,” Novak wrote on Twitter. “But it’s too early to call specific figures.

We still have time until November 30, when OPEC is planning to develop a joint solution.”


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