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Sberbank CEO doubts Russia-Saudi deal will have no long-term effect on oil prices

September 08, 2016, 21:24 UTC+3 MOSCOW
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MOSCOW, September 8. /TASS/. The agreement between Russia and Saudi Arabia aimed at stabilizing the oil market will have no long-term effect on crude prices, CEO of Russia’s top lender Sberbank Herman Gref said Thursday.

"This will probably be a short-term trend," he said when asked whether the deal will have a long-term impact.

On September 5, on the sidelines of the G20 Summit Russia and Saudi Arabia singed a joint statement aimed at stabilizing the crude market. According to Russia’s Energy Minister Alexander Novak, the countries are considering the option of freezing crude production volumes for three or six months.

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