Russia, which depends on oil and gas for about half its revenue, said it plans to cooperate with Saudi Arabia on the oil market, and avoiding a commitment to limit output to reverse plunging prices.
Oil has collapsed into a bear market this year, as the U.S. pumps crude at the fastest rate in more than three decades and demand shows signs of weakening, according to Bloomberg.
Russia is on the brink of recession amid U.S. and European sanctions targeting its energy and financial industries.
Russian Foreign Minister Sergei Lavrov said Saudi Arabia and Russia, which together produce 25% of global oil, agreed that the market must be free of attempts to influence it for political and geopolitical reasons.
Lavrov and Saudi Arabian Foreign Minister Prince Saud Al-Faisal said they will coordinate on issues impacting the energy and oil markets.
Oil has collapsed into a bear market this year, as the U.S. pumps crude at the fastest rate in more than three decades and demand shows signs of weakening, according to Bloomberg.
Russia is on the brink of recession amid U.S. and European sanctions targeting its energy and financial industries.
Russian Foreign Minister Sergei Lavrov said Saudi Arabia and Russia, which together produce 25% of global oil, agreed that the market must be free of attempts to influence it for political and geopolitical reasons.
Lavrov and Saudi Arabian Foreign Minister Prince Saud Al-Faisal said they will coordinate on issues impacting the energy and oil markets.
Source:
Mubasher
