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    Russian Minister of Energy Alexander Novak

    Russian Energy Ministry Notes Current 'Stable' Global Oil Market

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    MOSCOW (Sputnik) - The global oil market is currently stable, although a trade dispute between the US and China as well as risks of a global economic slowdown remain key factors influencing the market, the Russian Energy Ministry said Friday.

    "The Russian Energy Ministry notes the stable situation on world oil market at the moment. We appreciate the important role of our partners from Saudi Arabia and the OPEC + countries in minimizing the effect of destabilizing actions on the market," the ministry said in a statement.

    According to the statement, a rapid recovery of Saudi Arabian oil production capacities following a drone attack is a result of the professionalism and reliability of the largest manufacturers in the industry, as well as their ability to quickly respond to uncertainties.

    "Russia continues to actively cooperate with Saudi Arabia and OPEC + partners to increase market stability and predictability. Today, the main factors influencing the uncertainty on world markets is the unpredictability of the outcome of trade negotiations between the US and China, as well as the risks of a slowdown in global GDP growth," the statement said.

    Earlier, Kirill Dmitriev, CEO of the Russian Direct Investment Fund developing several joint projects with Riyadh's Aramco, said that the fast recovery of Saudi oil production highlights a strong professionalism and resilience in the Saudi energy giant following a major attack on the oil industry and, by default, the current global financial architecture.

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    oil market, Russian Energy Ministry, statement, oil, Saudi Arabia, Russia
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