By Ed Crooks: September 9, 2016
“Grant me chastity and continence, but not yet,” St Augustine wrote in his Confessions, remembering his prayer as an adolescent. Opec members are taking much the same attitude to restraining their oil production.
Saudi Arabia and Russia, the world’s two largest crude producers, said on Monday they would co-operate on ways to stabilise oil prices, but stopped short of agreeing to freeze production. There will be a working group to study ways to curb price volatility, and co-operation on production curbs was held out as a possibility. But Khalid al-Falih, Saudi Arabia’s energy minister, was clearly in no hurry to make any commitments.