Russia, Saudi Arabia Meet To Plot Future Of Oil Prices

Two major oil-producing countries began discussions last week on the current state of the oil industry, specifically a year-long glut in the oil supply that is destroying profits.

Following the announcement, oil prices rose for the three consecutive days.

Russian Energy Minister Alexander Novack told the Saudi press that, “the dialogue between our two countries is developing in a tangible way, whether in the framework of a multi-party structure or on a bilateral level,” reports Reuters. Novack also said that Russia and Saudi Arabia, two of the largest oil producing nations, are ready to “put in place joint measures to achieve oil market stability, with the condition that these measures will not be for a limited period of time.” Novack noted that it is highly unlikely the market will return to stability until 2017.

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