Commodities Corner: Russia, Saudi Arabia are all talk, no action when it comes to oil-output freeze

When the world’s top two largest oil producers speak, traders listen. But it will take solid action in the form of a production ceiling for the market to see any lasting impact.

Saudi Arabia, the world’s largest oil exporter, and Russia, the world’s top oil producer, agreed Monday to cooperate on a bid to stabilize the struggling energy market, by setting up a working group to monitor the market and come up with ways to promote stability.

“There are a lot of statements that appear to support higher prices through a production ceiling,” said James Williams, energy economist at WTRG Economics.

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