Saudi Arabia, Russia agree to 'historic' oil market cooperation

[Nevsky]

Top oil producers Saudi Arabia and Russia made a joint statement at the G-20 summit in China on Monday aimed at stabilizing crude prices, media reports said.

Russia and Saudi Arabia recognize the need to contain excess volatility in the market, the statement said, according to Russian news agency Interfax.

The two countries will form a working group to monitor the market and draft recommendations to stabilize oil prices and ensure steady investment in the industry, Interfax said. The group will meet for the first time next month.

Crude oil futures rallied heavily in the build-up to the announcement and pared back slightly afterward. WTI futures for October remained over 3 percent higher on the day, however, at a little under $46 per barrel.

Russia and Saudi Arabia have also agreed to collaborate to implement new technology in the energy and gas space, Interfax said on Monday.

http://www.cnbc.com/2016/09/05/saudi-arabia-russia-to-call-for-oil-market-cooperation-report.html

 

[Pakistan First]

The sands are shifting (further)..... no?

 

[litman]

saudis in need of an arm twisting by US

 

[fitpOsitive]

saudis in need of an arm twisting by US

So is Russia.

 

[litman]

So is Russia.

russia is not in the same group that can be snubbed like majority of other countries. the way russia has challenged us supremacy in crimea and syria it has sent clear message to the US that the world is going to be bipolar again with two big powers. US fights with countries like afghanistan, iraq, libya, pakistan(drone attacks) but they never had the guts to take on something big like russia.

 

[fitpOsitive]

russia is not in the same group that can be snubbed like majority of other countries. the way russia has challenged us supremacy in crimea and syria it has sent clear message to the US that the world is going to be bipolar again with two big powers. US fights with countries like afghanistan, iraq, libya, pakistan(drone attacks) but they never had the guts to take on something big like russia.

Some what true

 

[Penguin]

Saudi Arabia and Russia sign oil pact, could limit output in future
HANGZHOU, China (Reuters) - Saudi Arabia and Russia agreed on Monday to cooperate in oil markets, saying they will not act immediately but could limit output in future, sending oil prices higher on hopes the two top producers would work together to tackle a global glut.
The joint statement was signed by the country's energy ministers in China on the sidelines of a G20 gathering and followed a meeting between Russian President Vladimir Putin and Saudi Deputy Crown Prince Mohammed bin Salman.
http://finance.yahoo.com/news/saudi-arabia-russia-sign-oil-115114525.html

Makes you wonder whether any Chinese were included in the talks as well....

 

[HAIDER]

Saudi Arabia and Russia sign oil pact, could limit output in future
HANGZHOU, China (Reuters) - Saudi Arabia and Russia agreed on Monday to cooperate in oil markets, saying they will not act immediately but could limit output in future, sending oil prices higher on hopes the two top producers would work together to tackle a global glut.
The joint statement was signed by the country's energy ministers in China on the sidelines of a G20 gathering and followed a meeting between Russian President Vladimir Putin and Saudi Deputy Crown Prince Mohammed bin Salman.
http://finance.yahoo.com/news/saudi-arabia-russia-sign-oil-115114525.html

Makes you wonder whether any Chinese were included in the talks as well....

Actually , US is done with oil. Lot of oil in US and huge energy revolution is coming in North America. Motor industry is going hybrid. Oil producer need to explore new avenues for income. Otherwise............Plus China is going hand in hand with US in this energy transition.

 

[Penguin]

Actually , US is done with oil. Lot of oil in US and huge energy revolution is coming in North America. Motor industry is going hybrid. Oil producer need to explore new avenues for income. Otherwise............Plus China is going hand in hand with US in this energy transition.

How nice for the US and China. I'm more reflecting on the military-strategic behavior and cooperation of Russia and China. Adding the oil factor in that equation a bit more with the inclusion of Saudi Arabia.... Does the motor industry power that is going hybrid the ships that sail the world to deliver resources and goods? Or the aircraft?

 

[AZADPAKISTAN2009]

Economies are suffering world wide due to oil low prices caused strange economic process which does not makes any sense


Oil Producers -----------------Distibutors ----------- Purchasing Gov------------------Consumers
Low price ------------------------- low price--------(Make diff profits)------ Gas station price same

While the barrel oil price has been reduced from $100-$120 to $40

The price is same on gas station at Gas pumps , because someone in middle is making profits
while putting all the loses on the oil producers

The difference I notice as actual gas pumps for last 1-1.5 years is mere 5 cents or 7 cents

What typically should have happened

Lower oil price = Lower price of fuel at gas station = lower cost to transport food = Lower prices in malls for vegetables and food but that is generally not happening practically , the food prices have been going up

Who is driving the Stock prices low ? Stock Market Analyst !!! shady players who effect the commodities prices

 

[HAIDER]

How nice for the US and China. I'm more reflecting on the military-strategic behavior and cooperation of Russia and China. Adding the oil factor in that equation a bit more with the inclusion of Saudi Arabia.... Does the motor industry power that is going hybrid the ships that sail the world to deliver resources and goods? Or the aircraft?

Siemens already working and made remarkable achievement. As far as China Russia, Russia and central asia are now Chinese market. Now Saudis looking for new partner. They found some space between Russia and China.Recently Saudi jump in CPEC .

 

[Penguin]

Siemens already working and made remarkable achievement. As far as China Russia, Russia and central asia are now Chinese market. Now Saudis looking for new partner. They found some space between Russia and China.Recently Saudi jump in CPEC .

Siemens is German.

Saudi - US relations are 'interesting' to say the least. Hence my attention. I doubt this has to do with the central asian market.

 

[HAIDER]

Siemens is German.

Saudi - US relations are 'interesting' to say the least. Hence my attention. I doubt this has to do with the central asian market.

Here I was talking about Siemens Norway. National interest linked

 

[mingle]

Saudi Arabia and Russia sign oil pact, could limit output in future
HANGZHOU, China (Reuters) - Saudi Arabia and Russia agreed on Monday to cooperate in oil markets, saying they will not act immediately but could limit output in future, sending oil prices higher on hopes the two top producers would work together to tackle a global glut.
The joint statement was signed by the country's energy ministers in China on the sidelines of a G20 gathering and followed a meeting between Russian President Vladimir Putin and Saudi Deputy Crown Prince Mohammed bin Salman.
http://finance.yahoo.com/news/saudi-arabia-russia-sign-oil-115114525.html

Makes you wonder whether any Chinese were included in the talks as well....

Both r broke and want raise the price by cutting production .if this is true i see 80 to 90 $ PB in near future

 

[VCheng]

So is Russia.

No worries. Iran is anxious to step up production anyway.