Russia, Saudi Arabia agree to stabilize Oil Market

Russia's Oil Minister Alexander Novak announced the agreement after a meeting with his Saudi counterpart Khalid al-Falih on the sidelines of the G20 Summit. They said in joint statement that Moscow and Riyadh have come to QUOTE recognize the need to restrain the excessive volatility of the oil market. The statement added that production freeze is a measure under consideration. The Russian oil minister, however, noted that Iran should be given the right to reach its pre-sanctions production level. The price of oil jumped upon the Russian-Saudi statement. This, comes as 2016 marks one of the worst years for the oil market with prices falling to historic lows mainly due to low global demand.