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World oil prices

Brent grows by more than 5% against Russia signing oil agreement

On Monday, Saudi Arabia and Russia's energy ministers singed a joint statement aimed at stabilizing the crude market

© Egor Aleev/TASS

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Russia, Saudi Arabia sign joint statement to stabilize oil market

MOSCOW, September 5. /TASS/. The price of the Brent crude oil futures contract for November delivery on London’s ICE increased by 5.4% to $49.15 per barrel on Monday against the reports about Russia and Saudi Arabia joint statement.

On Monday, Saudi Arabia and Russia's energy ministers singed a joint statement aimed at stabilizing the crude market on the sidelines of the G20 Summit.

The Ministers recognized the importance of maintaining the ongoing dialogue about current developments in oil and gas markets and indicated their mutual desire to further expand their bilateral relations in energy.

The Ministers also noted "the current challenges in the supply side of the global oil market, including major contraction of capital investments in oil extraction on a global scale, particularly in exploration, as well as mass deferrals of investment projects, which made the market, as a whole, more volatile and therefore unsustainable to both producers and consumers in the long term."

In addition, the Ministers agreed to continue consultations on market conditions by establishing a joint monitoring task force to continuously review the oil market fundamentals and recommend measures and joint actions aimed at securing oil market stability and predictability.

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