Will Steady Oil Price Help Inflation Targets?
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. Investec Chief Economist Philip Shaw discusses with Anna Edwards and Manus Cranny on "Bloomberg Daybreak: Europe."