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Wednesday, 7 September 2016

Column: Saudi Arabia, Russia try to bake an oil magic pudding - Russell | Reuters

Column: Saudi Arabia, Russia try to bake an oil magic pudding - Russell | Reuters:

"It's difficult to be anything other than cynical about Saudi Arabia and Russia saying they will work together in global oil markets through a newly-announced joint taskforce.

While Monday's media release boosted the price of crude oil as once again traders reacted to the latest moves in the ongoing soap opera of will they or won't freeze output, the news was short of any real substance.

There was no commitment to the much-vaunted freeze on output, with Saudi Energy Minister Khalid al-Falih stating they are in no hurry to limit output, although it is a possibility for the future."



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