Oil price jumps on Russia-Saudi stabilization plans September 6, 2016 - 10:36 AMT PanARMENIAN.Net - The price of oil jumped after Russia and Saudi Arabia agreed to discuss ways to stabilise the oil market, BBC News reports. The announcement was made by the countries' energy ministers, Alexander Novak and Khalid al-Falih. The price of Brent crude initially jumped by 5% but then fell to to stand 1.6% higher at $47.56 a barrel. A statement said the plan was to support the "stability of the oil market ... ensuring a stable level of investment in the long term". At the start of 2016 the price of oil fell to its lowest level in nearly 13 years due to a production glut and is still far below the $110 a barrel price hit just two years ago. Novak said the agreement, which might include attempts to limit oil output, was a "historical moment" between members of Opec, the oil producers' cartel, and non-members such as Russia. He added that Russia was willing to join an oil output "freeze".  Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads.   Partner news |  Related sections Latest news Czech-Armenian military cooperation discussed in Yerevan  A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia.U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel.Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide.Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. |
