“I am glad to visit Saudi Arabia. An open dialogue and mutually beneficial cooperation in the energy sector between our countries continue 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 in late September to cut its oil production for the first time in eight years. The output ceiling was set at 32.5-33 million barrels a day for the whole cartel. Further details of the deal are due to be unveiled at the group’s meeting in November.
Russia, which is among the world’s leading oil producers, however not a member of OPEC, expressed will to uphold the agreement.
The September agreement was reached against the backdrop of decline in oil prices. Global oil prices have dropped from some $110 a barrel to values below $50 since mid-2014, prompting the OPEC oil cartel to agree a freeze on oil production last September in order to shore up prices.