Given the drop in oil prices have Saudi Arabia and Russia the G20 summit in China used to a common signal to the markets. You want to explore in a workgroup action against persistently low oil prices, as the Saudi Arabian Oil Minister Khalid al-Falih announced in the Chinese city of Hangzhou on Monday. Cooperation Aim to stabilize oil markets, said his Russian colleague Alexander Nowak at the edge of the meeting of the leaders of the major industrialized and emerging countries (G20). The cooperation encompasses the possibility of a production limitation. On oil markets, that gave rise to hopes of limiting the global overproduction.
The trendsetting crude Brent from the North Sea rose in price until noon by 1.5 percent to $ 47.56 per barrel (159 liters). was dampened by the rise utterances Falihs, after freezing the level of production is only one of several preferred options. “This is currently not necessary,” he added. The market is recovering, this is also reflected in the prices. In the summer of 2014, a barrel of North Sea oil had cost more than 100 dollars. Until January 2016, prices had fallen to less than 30 dollars.
Unlike Saudi Arabia does not belong to the Russian oil producing cartel Opec to. An agreement between the two sides is more than 15 years ago. The last time the government in Moscow had the new millennium with the Organization of Petroleum Exporting Countries (OPEC) agreed on a reduction of the funding, but without honor the commitment.
The for months low level of oil prices is particularly the result of a struggle for market share. This affects mainly states such as Iran and Russia, whose budgets depend to a large extent from the energy export. In June, the OPEC countries could not agree on a common cap for production again. The conveyor cartel agreed only on holding the objective of market stabilization. According to experts, the dispute between the rivals Saudi Arabia and Iran prevented a further agreement. Additional opportunity to vote has the OPEC meeting in late September in Algiers.