Oil price sharply increased

Baku. 5 September. REPORT.AZ/ A joint statement made by Russia and Saudi Arabia during the G20 summit in China calling for cooperation to support oil markets has led to a sharp increase in oil prices.

Report informs citing the Reuters, today price for Brent crude oil increased by 5% and made 49.30 per barrel.

The Analytical Group of Report News Agency considers that oil prices will remain stable at 45-55 USD per barrel till OPEC's extraordinary summit in Algeria on September 24-26.

Notably, the joint statement, signed by Russian Energy Minister Alexander Novak and Saudi Arabia Energy, Industry and Mineral Resources Minister Khaled bin AbdulAziz al-Faleh declares that the parties intend to create stability in oil market and ensure lasting increase of the investments in long-term perspective by joint action and cooperation with other oil producers.