Russia, Saudi agree cooperation on oil price but not freeze

The world's two biggest oil producers Saudi Arabia and Russia said Monday they had agreed to "act together" to try to stabilise oil prices, but failed to make headway on a production freeze. This should have "the goal of supporting the stability of the oil market and ensuring a stable level of investment in the long term," the energy ministers from both countries said. "To this end the ministers agreed to act together or in cooperation with other oil producers," the statement said, adding they had agreed to set up a "joint monitoring group" to offer recommendations aimed at preventing price fluctuations.