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    A man rides a camel through the desert oil field and winter camping area of Sakhir, Bahrain, Sunday, Dec. 20, 2015

    Russian-Saudi Deal on Oil Market Not to Have Long Term Effect - Sberbank CEO

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    The Russia-Saudi Arabia agreement aimed at stabilization of global oil prices will not have a long term effect, CEO of Russia’s Sberbank Herman Gref said Thursday.

    MOSCOW (Sputnik) — "I think it will not be a long term trend," Gref said a the High School of Economics Day.

    On Monday, Russian Energy Minister Alexander Novak and his Saudi counterpart Khalid bin Abdulaziz Al Falih signed a declaration in Hangzhou, China aiming to calm the volatile energy market, which has been rocked by slumping oil prices and a massive production glut.

    The agreement provides that the sides will establish a monitoring group to track oil market indexes and to give recommendations on market regulation.

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    Tags:
    oil market, German Gref, Saudi Arabia, Russia
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