Russia, Saudi Arabia pledge to stabilize oil output

The world's two largest oil producers, Russia and Saudi Arabia, have agreed to act together to stabilize global oil output, though it's unclear what that might entail.

Energy ministers Alexander Novak and Minister Khalid al-Falih met Monday on the sidelines of the G-20 summit in China. A joint statement released by the Russian energy ministry said both ministers "recognized the need to restrain an excessive volatility of the oil market" and agreed to act together "in order to stabilize the oil market."

Novak and al-Fatih said they would chair the first Russia-Saudi task force on oil and gas in October.

Russia, not a member of the oil producing nations' group OPEC, this year supported calls to freeze production, but the efforts fell through after Iran opposed the plan.