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    Stability in Global Oil Market Impossible Without Russia, Saudi Arabia - Riyadh

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    Oil in Turmoil (134)
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    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.

    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.

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