07:35 GMT +323 August 2017
Live
    Pump jacks are seen at the Lukoil company owned Imilorskoye oil field, as the sun sets, outside the West Siberian city of Kogalym, Russia, January 25, 2016

    Russian, Saudi Energy Ministers Sign Joint Declaration to Stabilize Oil Market

    © REUTERS/ Sergei Karpukhin
    World
    Get short URL
    125336

    Russian Energy Minister Alexander Novak and Saudi Arabia’s Minister of Energy, Industry and Natural Resources, Khalid bin Abdulaziz Al Falih, agreed to continue consultations and to establish a joint working group to monitor the fundamental indicators and develop recommendations for measures to ensure the oil market’s stability and predictability.

    HANGZHOU (Sputnik) – Russia and Saudi Arabia agreed on joint measures and steps in cooperation with other oil producers to stabilize the market and ensure stable long-term investment, a joint declaration signed by the Russian and Saudi energy ministers on Monday stated.

    Russian Energy Minister Alexander Novak and Saudi Arabia’s Minister of Energy, Industry and Natural Resources, Khalid bin Abdulaziz Al Falih, noted the long-term challenges facing oil exporting countries. These challenges include capital spending cuts on exploration as well as mass cancellation or rescheduling of investment projects.

    "In view of the above, the ministers noted the particular importance of constructive dialogue and close cooperation between the major producing countries in order to maintain stability in the oil market and sustainable investment in the long term," the joint statement reads.

    Novak and Al Falih agreed to continue consultations and to establish a joint working group to monitor the fundamental indicators and develop recommendations for measures and joint actions to ensure the oil market’s stability and predictability, the statement adds.

    Related:

    Russian President, Saudi Prince Discussed Oil Cooperation on G20 Sidelines
    Stability in Global Oil Market Impossible Without Russia, Saudi Arabia - Riyadh
    Saudis Running Out Of Steam as Russia Pulls Ahead in Chinese Oil Market
    Saudi Arabia Set for Oil War Against Russia in Asian Market
    Tags:
    Oil, oil prices, Khalid bin Abdulaziz Al Falih, Alexander Novak, Saudi Arabia, Russia
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment