21:30 GMT18 January 2021
Listen Live
    Business
    Get short URL
    124
    Subscribe

    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.

    Related:

    Oil Deal Between Russia, Saudis Expected to Make Waves in Middle East
    Iran Seeks to Restore Pre-Sanctions Level of Oil Production, Compensate Losses
    Iran Oil Minister, OPEC Chief Discuss Russian-Saudi Oil Stabilization Pact
    Moscow, Riyadh Agree Freezing Oil Output an Effective Market Stabilization Tool
    Tags:
    oil market, German Gref, Saudi Arabia, Russia
    Community standardsDiscussion