Russians and Saudis Pledge Joint Effort to Limit Oil Production
- Saudi’s Al-Falih says consensus will be reached on oil supply
- Putin says freeze or cut are the way forward for stability
Saudis Expect to Reach Consensus on Oil supply Deal Soon
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Saudi Arabia and Russia, the world’s two largest crude oil producers, said they’re ready to cooperate to limit output, helping send prices to a one-year high in London.
Russia is willing to join OPEC’s efforts to stabilize the market, which would require either a freeze or a cut, President Vladimir Putin said on Monday at the World Energy Congress in Istanbul. Many producers outside the group have expressed a willingness to cooperate on output caps, said Saudi Arabia’s Energy and Industry Minister Khalid Al-Falih, who added that he was “optimistic” there’ll be a deal that could lift prices as high as $60 by year-end.