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Saudi/Russia Highlight Co-Operation in Oil Markets

OIL

Saudi’s Energy Minister Prince Abdulaziz bin Salman and Russia’s Deputy PM Alexander Novak spoke in a joint interview with Rossiya 24 state TV reaafirming close cooperation in the oil market.

  • Oil producers will continue to work together and act pre-emptively according to bin Salman while Novak said the balance between supply and demand is fragile and could be affected by slowing global economic growth.
  • Both nations last week reaffirmed commitment to 1mn bpd production cuts by Saudi till year end and 300 kbd export cut by Russia.

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