Russia and Saudi to discuss response to oil rally

Russia and Saudi to discuss response to oil rally:

"Russia and Saudi Arabia will discuss how to respond to the recent spike in global oil prices, Russia’s energy minister has said, adding that the two countries, which have brokered a global oil production deal, held a “common position”. Ahead of the US’s withdrawal from the Iranian nuclear deal, the Trump administration had held discussions with big producer countries, widely believed to have included Saudi Arabia, about stepping in to alleviate any market shortage and price spikes stemming from a drop in Iranian exports. “I think we have a common position here with our colleagues from Saudi Arabia, as before we have to look at the situation on the market, we have all the tools for responding and making decisions, so we just need to look, assess, exchange opinions - what is the current the situation, what is the forecast for three to six months,” Alexander Novak told reporters."



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