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Saudi and Russia finally ‘agree’ to work together – Bid to stabilize oil market

Posted on 12 September 2016

The two biggest oil producers in the world last week signed an oil agreement to cooperate for stabilizing the oil prices. This is what every oil producer has been waiting for, as some sort of understanding was required to try stabilizing the oil market particularly the oil prices. The two oil producers have finally agreed in principle to freeze oil production and persuade other producers to follow suit. So far so good!
They also agreed to form joint committees to work on other details for the meeting which will be held in Algeria before the end of this month. It seems all OPEC members as well as Russia are in agreement to freeze production, and for the super producers to iron out the details in order to produce the final binding agreement………………………………………..Full Article: Source


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