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Russia and Saudi Arabia to Work Toward Oil-Market Stability

  • Russia’s Putin discusses oil with Saudi Deputy Crown Prince
  • Countries agree cooperation needed to stabilize oil markets

Saudi Arabia and Russia agreed to work together to ensure oil market stability even as leaders from the world’s two biggest crude producers stopped short of offering detailed proposals.

Oil-market stability is impossible without Saudi-Russian cooperation, the kingdom’s influential Deputy Crown Prince Mohammed bin Salman said after meeting on Sunday with President Vladimir Putin in Hangzhou, China. Prince Mohammed made his comments three days after Putin said he’d like OPEC and Russia to agree to freeze crude supply to steady the market.

“Our countries are the two biggest oil producers, that’s why there can’t be a stable policy in the sphere of oil without the participation of Russia and Saudi Arabia,” said Prince Mohammed, a son of the Saudi king. Putin said it is important for the two countries...


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