Saudi Arabia and Russia Signal Readiness to Cooperate on Oil


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(Worthy News) – Saudi Arabia and Russia signaled on Thursday they were ready to cooperate to help stabilize the oil market after calls with U.S. President Donald Trump to discuss the slump in prices triggered by the end of a deal to curb output and a collapse in demand.

After the deal collapsed, Russia and Saudi Arabia both said they were ready to raise production but Russian Energy Minister Alexander Novak told Reuters on Thursday it had no plans to crank up its crude output.

A senior Gulf source familiar with Saudi thinking, meanwhile, told Reuters on Thursday that Saudi Arabia supported cooperation between oil producers to stabilize the market but it was Russia’s opposition to a proposal last month to deepen oil supply cuts that caused the market turmoil. [ Source: VOA News (Read More…) ]

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