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– This is the script of CNBC's news report for China's CCTV on September 6, Tuesday.
Welcome to CNBC Business Daily, I'm Qian Chen.
Top oil producers Saudi Arabia and Russia made a joint statement at the G-20 summit in China on Monday aimed at stabilizing crude prices, media reports said.
Russia and Saudi Arabia recognize the need to contain excess volatility in the market, the statement said, according to Russian news agency Interfax.
The two countries will form a working group to monitor the market and draft recommendations to stabilize oil prices and ensure steady investment in the industry, Interfax said. The group will meet for the first time next month.
At the summit, Russian Energy Minister Alexander Novak said a production freeze would be one way to stabilize prices, according to Interfax.
[MATT SMITH, Director of Commodity Research, ClipperData] "So you have Saudi Arabia and Russia, the two largest producer in the world, and they are producing...Russia is like multi-decade high, you also have Saudi Arabia at record-production. So these guys now agree to freeze at this level, they are willing to do that but that's no skin off their nose coz they cant produce any more anyway."
Novak described Monday's announcement as an "historic moment" in relations between OPEC and non-OPEC members, according to Interfax. Saudi Arabia is de facto leader of the oil cartel, but Russia is not a member.
Several attempts to boost crude prices by freezing OPEC's output have fallen in the past, in particular because Saudi Arabia has been wedded to keeping output high to hold market share.
However, Saudi Arabia is not alone in scuppering deals, including in February, when Iran refused to join forces with Saudi Arabia, Russia, Qatar and Venezuela in freezing output.
This time around, Iraq and Iran's cooperation will be key if a broader deal on oil production levels is sought.
CNBC's Qian Chen, reporting from Singapore.