Russia and Saudi Arabia Vow to Work Together on Oil; G20 on Steel

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News from the G20 summit includes Russia and Saudi Arabia agreeing to create an oil task force and all of the G20 condemned steel overproduction and promised tough measures against it.

Russia and Saudi Arabia Create Oil Task Force

Saudi Arabia and Russia said they will work together in global oil markets through a newly-announced joint task force.

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The two top oil-producing countries plan to hold a Russia-Saudi Arabia task force on oil and gas next month, the Russian and Saudi energy ministers Alexander Novak and Minister Khalid al-Falih announced Monday in a joint statement at the G-20 summit in China.

G20 Pledges to Curb Steel Overproduction

G20 leaders have pledged to work together to address excess steel capacity that has punished the global industry with low metal prices for years while raising tensions between China and other major producers.

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A statement from the White House said that leaders at the G20 summit in Hangzhou, eastern China, on Monday accepted that overcapacity in steel and other industries is a global issue that requires a collective response.

European Commission President Jean-Claude Juncker warned Chinese officials Sunday that Brussels was devising a tough scheme of anti-dumping tariffs that would penalize Chinese producers for failing to rein in overcapacity.

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