Russia and Saudi Arabia, providing 21% of global oil consumption, signed a joint statement to stabilize the oil market. The statement was signed by Russian Energy Minister Alexander Novak and Minister of Energy, Industry and Mineral Resources of the Kingdom of Saudi Arabia Khalid Al-Falih. 

The ministers noted the presence of long-term challenges in the global oil market, which, inter alia, include a significant reduction in worldwide capital expenditure in oil production, particularly in exploration, as well as the mass cancellation of investment projects that in general has already led to more volatile and therefore unstable situation in the oil market both for producers and consumers. 

 

Sources: http://tass.ru