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LONDON: Oil prices rallied on Monday by up to five percent after ��������Ƶ and Russia vowed to stabilize the market.
Energy, Industry and Mineral Resources Minister Khalid Al-Falih and his Russian counterpart Alexander Novak declared they had agreed to “act together” to steady the market, on the sidelines of a G20 meeting in China.
In reaction, Brent North Sea crude leapt as high as $49.40 a barrel. US benchmark West Texas Intermediate (WTI) soared to $46.53, AFP reported.
Prices later pulled back as ��������Ƶ ruled out the need to trim back production. ��������Ƶ and Russia “noted the particular importance of constructive dialogue and close cooperation between the largest oil-producing countries with the goal of supporting the stability of the oil market,” the ministers said in a joint statement.
“To this end the ministers agreed to act together or in cooperation with other oil producers,” the statement said, adding they had agreed to set up a “joint monitoring group” to offer recommendations aimed at preventing price fluctuations.
Novak described the announcement as marking a “new era” in cooperation between Russia and ��������Ƶ and insisted that it would have a “critical significance” for oil markets, Interfax reported.
After meeting Novak, Al-Falih told Al-Arabiya channel there was “currently no need to freeze production.”
He said: “A freeze is one of the preferred options but it is not needed for the moment.”