Russian, Saudi Energy Ministers Discussed on Energy Cooperation

  • Date of Publication : 24/10/2016 at 07:46 GMT
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Russian Energy Minister Alexander Novak on Saturday had a discussion on energy cooperation with his Saudi Arabia’s counterpart Khalid al-Falih during his working visit to the country, the Russian Energy Ministry said in a statement.

Al-Falih said that the meeting was a continuation of the very productive dialogue that the parties had been holding for the last several weeks.

“I am glad to visit Saudi Arabia. An open dialogue and mutually beneficial cooperation in the energy sector between our countries continues to develop constructively and contribute to stabilization of markets,” Novak said, as quoted by the ministry’s statement.

Novak also visited the headquarters of the Saudi Aramco energy giant as well as its several facilities.

The Organization of the Petroleum Exporting Countries (OPEC) agreed a few weeks ago to limit oil supplies to the global markets.

Russia is among the world’s leading oil producers, however not a member of OPEC, expressed its wiliness to uphold the agreement.

Earlier, Russian Energy Minister in his last visit to Turkey had said that Russia will likely increase its oil production to 11 million barrels a day.

But now, He is seeking to cooperate with OPEC countries to support the current upward trend in oil prices.

Prior to this, Russian President Vladimir Putin during the G20 recent summit had spoken about Russia’s willingness to cooperate with oil-producing countries to limit the oil supply to global markets.

OPEC is scheduled to decrease about 700 barrels of its oil production over the coming weeks, the move has been welcomed by Russia.

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