Oil prices may rise soon as top oil producers, Saudi Arabia and Russia, on Monday disclosed that they have agreed to cooperate to stabilize the oil market.
According to them, a part of their agreement includes limiting output.
Another part of the agreement is to set up a task force to review oil market fundamentals and to recommend measures and actions that would secure market stability.
Saudi Arabia and Russia made this known on the sidelines of the G20 summit in China.
Saudi deputy crown prince told Russian President Vladimir Putin on the sidelines of the same summit said that cooperation between the two countries would bring benefit to the global oil market.
Commenting on the agreement, Russian Energy Minister Alexander Novak said the two countries were moving to a strategic energy partnership and that a high level of trust would allow them to address global challenges.
Saudi Energy Minister Khalid al-Falih said he was optimistic about cooperation with other producers ahead of a meeting this month in Algiers and that freezing production was not the only solution.