Offshore Oil Rig Saudi Arabia and Russia announced their cooperation to stabilize global oil markets, and while crude oil jumped on the news, it quickly gave back more than half of its gains. Does this signal that an production freeze is unlikely to affect crude oil prices at all? The agreement, explained Saudi Arabia and Russia agreed to form a working group to monitor the oil markets. They also agreed to draft recommendations to stabilize oil prices, and ensure steady investment in the industry, according to Russian news agency Interfax . The cooperation, though a positive step, doesn’t point to any concrete immediate steps as the working group is set to meet for the first time next month. “The market is becoming tired of talk and now want to see some action,” Amrita Sen, chief analyst at the London-based Energy Aspects. “Action is pretty unlikely, but it is still […]