Saudi, Russia Vow Oil Cooperation Without Agreeing to Freeze
- Countries have ‘number of tools’ for joint action, Novak says
- Oil pares gains as rapprochement falls short of concrete steps
Oil Freeze Talks Falter at G-20 Summit
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The world’s top two crude-oil producers pledged to cooperate to stabilize global markets, while failing to announce any specific measures to bolster prices.
“We have a number of tools at our disposal for joint actions,” Russian Energy Minister Alexander Novak said Monday following a meeting with his Saudi counterpart Khalid Al-Falih at the G-20 summit in China. Both agree that an output freeze would be the most constructive instrument, he said.