The main oil producers in Russia and Saudi Arabia will cooperate to stabilize crude oil prices. The agreement reportedly happened during the G20 summit held in China and among the proposed measures is a contained output level along with a task force charged with reviewing the basis of the oil makred to find the course of action to stabilize price fluctuation. Alexander Novak, Russian Oil Minister, confimed the agreemeng, referring to a strong partnership between the 2 countries based on mutual trust and commitment. While Mohammed bin Salman highlighted the fact that this agreement will benefit the entire global oil market.
Lastly, in the background is also Iran’s decision to make itself availbale to negotiate on a potential global oil production freeze as long as the right of Tehran to get back to its pre-sanctions crude oil production levels be internationally recognized.