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Stability in Global Oil Market Impossible Without Russia, Saudi Arabia - Riyadh
Stability in Global Oil Market Impossible Without Russia, Saudi Arabia - Riyadh
Sputnik International
Stability in the global oil market is impossible without Russia and Saudi Arabia, Deputy Crown Prince Mohammad bin Salman said on Sunday. 04.09.2016, Sputnik International
2016-09-04T12:39+0000
2016-09-04T12:39+0000
2022-11-14T16:57+0000
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business, newsfeed, 2016 g20 summit in china's hangzhou, oil in turmoil, saudi arabia, russia, mohamed bin salman, vladimir putin, g20
business, newsfeed, 2016 g20 summit in china's hangzhou, oil in turmoil, saudi arabia, russia, mohamed bin salman, vladimir putin, g20
Stability in Global Oil Market Impossible Without Russia, Saudi Arabia - Riyadh
12:39 GMT 04.09.2016 (Updated: 16:57 GMT 14.11.2022) Stability in the global oil market is impossible without Russia and Saudi Arabia, Deputy Crown Prince Mohammad bin Salman said on Sunday.
HANGZHOU (Sputnik) — At a meeting with Russian President Vladimir Putin on the sidelines of the G20 summit in China, Salman said:
"Our countries are the two largest ones in the oil market. There cannot be a stable policy in the field of oil without the participation of Russia and Saudi Arabia."
He added that further Moscow-Riyadh cooperation would lead to mutual benefits in regard to the further development of events in the oil market.
4 September 2016, 11:48 GMT
Most oil-producing countries have been hit by the collapse in prices, which plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003. Prices have since recovered to around $40-45 per barrel for the Brent crude benchmark.
In the first half of 2016, the Russian oil industry output reached 272.4 million tonnes, up 2.9 percent year on year. In May, Russia surpassed Saudi Arabia in oil production.
