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Russian, Saudi Energy Ministers Discuss Oil Market, Bilateral Ties - Ministry

© Photo : roscongressRussian Energy Week. Youth day (File)
Russian Energy Week. Youth day (File) - Sputnik International
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MOSCOW (Sputnik) - Russian Energy Minister Alexander Novak and his Saudi counterpart Khalid Falih have discussed the situation on the oil market and bilateral cooperation at a meeting in Moscow, reaffirming their commitment to developing a long-term OPEC-non-OPEC cooperation mechanism, the Russian Energy Ministry said.

"Russian Energy Minister Alexander Novak and his Saudi counterpart Khalid Falih held a working meeting in Moscow. The ministers discussed the current state of the market, as well as bilateral cooperation. [The sides] noted a good level of dynamics in the development of cooperation in energy and industrial areas," the ministry said in a statement.

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Falih confirmed his plans to attend the Russian Energy Week 2018 events in Moscow on October 3, according to the statement.

"The sides also reaffirmed their intention to continue working on the creation of a long-term structure of interaction between of OPEC [Organization of the Petroleum Exporting Countries] and non-OPEC nations, in order to ensure predictability and stability on the market, in the interests of all market participants, both producers and consumers," the ministry added.

READ MORE: Russian Energy Minister: Gazprom, OMV Continuing Talks on Asset Swap Deal

The Russian Energy Week was first conducted in 2017 and works as a platform for demonstrating the prospects of Russia's fuel and energy industry and searching the potential of international collaboration in the field.

 

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