(Bloomberg) -- Saudi Arabia and Russia's new-found unity may have ushered in a new era of oil market cooperation, but it'll face a different test eight days before the oil producers' next big meeting in June.
The two nations will play out the first game of the 2018 soccer World Cup in Moscow on June 14. Eight days later, OPEC and its allies led by Russia are due to meet in Vienna to decide whether to further extend supply cuts. Crude oil futures jumped in New York and London on Friday after the two nations agreed on Thursday to prolong supply restrictions to shore up a glut.
Saudi Arabia's oil minister Khalid Al-Falih said Thursday that he counted his Russian counterpart Alexander Novak as a friend, and that the two nations stand “shoulder to shoulder” as they work to eliminate a supply glut.
What price the match ending in a diplomatic tie?
To contact the reporter on this story: Alex Longley in London at alongley@bloomberg.net.
To contact the editors responsible for this story: Alaric Nightingale at anightingal1@bloomberg.net, Brian Wingfield
©2017 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
