World, Economy, Middle East

Russian, Saudi energy ministers discuss oil cooperation

Two major producers agree on need to stabilize oil market at Riyadh meeting

Russian, Saudi energy ministers discuss oil cooperation

By Mahmut Geldi


Russia and Saudi Arabia agreed at a meeting Wednesday in Riyadh to cooperate to help stabilize oil markets.

"Saudi Arabia and Russia play an historic role in the stability of the oil market," Saudi Energy Minister Khalid Al-Falih said at a joint press conference with Russian Energy Minister Alexander Novak after they met.

Al-Falih said Saudi King Salman bin Abdulaziz al-Saud has called on all parties to maintain stability in oil prices.

Oil prices have been fluctuating widely since the beginning of the year, hitting their highest levels in more than three years in January but recently posting their biggest weekly losses in two months in line with production and industry developments such as fluctuating U.S. oil rig counts.

Novak said Russia’s coordination with Saudi Arabia supports stability in oil prices and there are many joint projects with Saudi Arabia's national oil company Saudi Aramco.

Al-Falih said Saudi Arabia is also working with Russia on nuclear energy for peaceful purposes, adding the issue of climate change was also discussed.

Earlier today, King Salman received Novak in Riyadh. Following their meeting, a memorandum on energy cooperation was signed.

Novak said that during the meeting, bilateral relations in all fields were discussed and productive discussions were held on energy.

He added that Russia is supporting Saudi Arabia’s ‘Saudi Vision 2030’ economic plan with direct investments.

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