Russia and Saudi Arabia agreed at the G20 summit in China this week to co-operate to keep oil markets stable, although the Saudis seem in no hurry to freeze output. Speaking to journalists at the summit in Hangzhou, Russian president Vladimir Putin insisted that 'Saudi Arabia did not rule out the possibility of freezing production… there have been long-running discussions on this issue.' Putin acknowledged that Iran’s desire to raise output to pre-sanctions levels remains an obstacle to any wider agreement, but he reiterated that Russia sees this objective as fair. 'There is nothing wrong with this. Iran does not have excessive demands,' Putin said.
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