Big news in oil today as Russia and Saudi Arabia announced plans to further extend a crude output cut in order to drive up prices and stabilize them.
"The most important thing is that we are succeeding in building a solid foundation to stabilize oil markets and energy prices," said Prince Mohammed during the press release.
This is monumental considering the vast amounts of oil both countries have, and the fact that this prompted a meeting between Igor Sechin and Amin Nasser, the leaders of Rosneft and Aramco, respectively.
The two largest oil exporters in the world have had icy relations up until this point, but the new potential partnership could see the two men reach new heights of control over the world’s oil supplies. Although this was a meeting behind closed doors, the meeting seemed to have went well, with Amin Nasser thanking Mr. Sechin in Russian at the end of his tour of the Aramco Headquarters.
This looks promising for both oil giants as a potential partnership could drive up Rosneft’s stock price, and with Aramco being slated as the world’s biggest IPO currently valued at $2 trillion, this could also push that number yet higher.