WorldHANGZHOU, AFP -The world's two biggest oil producers Saudi Arabia and Russia said Monday they had agreed to “act together” to stabilise oil prices as they seek to steady the markets. Their comments came in a joint statement after a meeting at the G20 summit in China. “To this end the ministers agreed to act together or in cooperation with other oil producers,” the statement said, adding they had agreed to set up a “joint monitoring group” to offer recommendations aimed at preventing price fluctuations. Russia's Energy Minister Alexander Novak described the announcement as marking a “new era” in cooperation between Russia and Saudi Arabia and insisted that it would have a “critical significance” for oil markets, news agency Interfax reported. The globe's major oil producers have been unable to strike a deal on freezing output, due mainly to a dispute between Saudi Arabia and Iran over Tehran's desire to boost levels after the lifting of sanctions.

Source: Sunday Times September 05, 2016 11:15 UTC