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 Saudi Arabia and Russia signed an oil deal - but what does it mean?

Saudi Arabia and Russia have signed an agreement to cooperate over oil – setting up a task force to review market fundamentals and recommend measures and actions.But Saudi Arabia's Minister of Energy, Industry and Natural Resources Khalid bin Abdulaziz al-Falih also said there is currently no need to limit oil output, despite a glut of crude pulling down prices, hitting both their economies. At the G20 meeting in Hangzhou, China he told reporters: “Russia and Saudi Arabia will benefit from their positions as oil market and production leaders. Both our countries have the same motivation, which is to stabilise international oil markets.”But there will be no immediate action by the world's two top producers, just talk of how to work together, which disappointed the commodities market.Russia's Energy Minister Alexander Novak said: “We agreed on coordination of joint actions aimed at stabilisation of oil markets and predictability.”He told the Russian news radio station Kommersant-FM that a price of to a barrel would be fair, adding that producers are trying to maintain market share and because their output is not being coordinated there are long periods of low prices.

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