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    Energy Minister Alexander Novak

    Russian-Saudi Statement ‘Historic Moment’ in OPEC’s Ties With Non-Members

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    Russian Energy Minister Alexander Novak called a oint oil market stabilization statement signed between Saudi Arabia and Russia "a new stage in relations between the countries that are members and non-members of OPEC."

    HANGZHOU (Sputnik) – A joint oil market stabilization statement signed between Saudi Arabia and Russia is a "historic moment" in relations between members and non-members of the Organization of the Petroleum Exporting Countries (OPEC), Russian Energy Minister Alexander Novak said Monday.

    Novak and Saudi Arabia’s Minister of Energy, Industry and Natural Resources, Khalid bin Abdulaziz Al Falih, signed a joint statement to step up cooperation in stabilizing the oil market and ensuring stable long-term investment earlier in the day.

    “I am confident that this is a new stage in relations between the countries that are members and non-members of OPEC. This is a historic moment in my opinion,” Novak told reporters.

    The minister asserted that Russian-Saudi relations are advancing toward strategic energy partnership.

    “We are in fact opening a new era of cooperation, our energy cooperation is entering into a deeper and closer interaction, into strategic partnership. This was made possible because of a trusting relationship with our Arab friends,” he told reporters.

    Novak added that the likelihood of a previously abandoned output freeze "could significantly bring closer the date of the relevant market balance."

    "This is a big job and it has been discussed since the beginning of the year. Russia has always treated this quite positively. We are ready to join if this decision made," he stressed.

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    Oil, OPEC, Alexander Novak, Saudi Arabia, Russia
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