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    Moscow, Riyadh Agree Freezing Oil Output an Effective Market Stabilization Tool

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    Russia and Saudi Arabia have recognized an oil output freeze, Russian Energy Minister Alexander Novak said Monday.

    HANGZHOU (Sputnik) – Russia and Saudi Arabia have recognized an oil output freeze as the most effective of the considered oil market stabilization tools, Russian Energy Minister Alexander Novak said Monday.

    Novak and Saudi Arabia’s Minister of Energy, Industry and Natural Resources, Khalid bin Abdulaziz Al Falih, signed a joint statement to step up cooperation in stabilizing the oil market and ensuring stable long-term investment.

    “We worked out in detail the instruments to implement joint actions. These can be both tools of freezing [output], the tools of establishing ceilings, even tools such as curbing production,” Novak told reporters.

    The minister noted that the sides were in the midst of developing specific freezing tools starting with the month where the task could be implemented.

    "We are also discussing the timing of the freeze. It may be from three to six months, and possibly for a longer period," Novak said. "In principle, we are ready to join at any month, because we supported this idea in the course of the year. And it is important for us that other countries supported it too."

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    Tags:
    oil market, output freeze, Alexander Novak, Saudi Arabia, Russia
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