Oil price up on Saudi-Rus­sia deal

The Myanmar Times - - International Business -

CRUDE prices rose in Asia yes­ter­day af­ter Rus­sia and Saudi Ara­bia pledged to work on ad­dress­ing a global sup­ply glut, but an­a­lysts said gains would likely be lim­ited af­ter the two sides pro­vided scant de­tail about their plans.

The Saudi En­ergy Min­is­ter Khaled Al-Falih and his Rus­sian coun­ter­part Alexan­der No­vak agreed to “act to­gether” to steady the mar­ket but stopped short of a pro­duc­tion freeze.

The min­is­ters said they will act “to­gether or in co­op­er­a­tion with other oil pro­duc­tions” and agreed to set up a “joint mon­i­tor­ing group” to of­fer rec­om­men­da­tions to pre­vent price fluc­tu­a­tions.

News that the two sides were about to make an an­nounce­ment sent prices soar­ing on Septem­ber 5 but the gains were all but wiped out af­ter the state­ment.

The com­ments come three weeks be­fore Rus­sia joins OPEC to dis­cuss the sup­ply cri­sis that has ham­mered prices for two years. –

Newspapers in English

Newspapers from Myanmar

© PressReader. All rights reserved.