Saudi Arabia and Russia extend agreement to stabilize oil market

Saudi Arabia and Russia have agreed to extend their coordination to maintain the stability of the oil market, said Thursday the Saudi Minister of Energy, Khalid al-Falih.
"Saudi Arabia and Russia can jointly intervene and bring other producing countries to prevent the markets from becoming unbalanced," Al-Falih told the Riyadh investment conference on Thursday.
"It may be necessary to intervene to reduce oil stocks after their increase in recent months," he said, adding that an intervention might be necessary to restore the stability achieved. after a year and a half.
OPEC and non-OPEC-owned countries, led by Russia and Saudi Arabia, concluded the end-2016 agreement on the reduction of production, signed the agreement early 2017 and decided to extend their term until the end of 2018.