RUSSIA & SAUDI COOPERATION
Russia and Saudi Arabia will set up a special joint working group on oil and gas cooperation to promote energy dialogue between the world's top oil producers, Russian Energy Minister Alexander Novak said on Thursday.
OPEC made a historic policy shift late last year, led by Saudi Arabia and backed by its Gulf allies, and refused to cut production to prop up sliding prices in order to defend market share. The group confirmed the strategy at a meeting in June.
Russia, which is not a member of OPEC and depends heavily on oil revenues for its budget, has so far resisted making cuts to production, in part because…
Log in to read the publication.
An authorized user gets access to four FREE publications per month.
You can also buy a full access to all publications of the site since January 2014.