Russian and Saudi energy ministers satisfied with oil market rebalancing – statement

MOSCOW (Reuters) – Russian Energy Minister Alexander Novak met his Saudi counterpart Khalid al-Falih in Oman on Saturday, where they both expressed satisfaction with the way oil market has been rebalancing, the Russian energy ministry said.

“The market sees the efforts are successful and reacts – the prices have almost reached $70 per barrel,” Novak told Falih, according to the ministry’s web site.

The Organization of the Petroleum Exporting Countries and other producers, including Russia, are cutting oil output by 1.8 million barrels per day under a pact running until the end of 2018.

Oman will host the joint ministerial monitoring committee, known as the JMMC, on Sunday.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.