Cooperation between Russia and Saudi Arabia has a huge potential, said the head of the energy Ministry of Russia Alexander Novak at the meeting with Minister of energy of the Kingdom, Khaled al-Valicom in Riyadh.
“Cooperation between Russia and Saudi Arabia has a huge potential, but to date, not enough implemented. Most importantly, we are moving in this direction”, – quotes its words of RIA “news”.
He stressed that during his first visit to Riyadh, the Saudi side expressed “welcome and hospitality”. According to Novak, during a visit to Saudi state oil company “Saudi Aramco” the Russian delegation saw high production standards and professional management, and also discussed the prospects of technological cooperation.
September 5 Russia and Saudi Arabia have agreed to jointly or in cooperation with other oil producers to maintain stability in the oil market and ensure a sustainable level of investment in the long term.
According to Novak, the statement of Russia and Saudi Arabia is a historic moment in the relations between OPEC and the countries not members of the organization.
OPEC members at an informal meeting on September 28 in Algeria failed to agree on limiting crude oil production at the level of 32.5-33 million barrels per day. At the formal meeting of OPEC countries in November – exporting countries plan to approve this decision, and to determine individual production quotas for countries.
Russia is not an OPEC member and has no organization observer status. Previous attempts to negotiate with the cartel to coordinate action in the markets ended in nothing. In particular, this is due to climatic and technical peculiarities of Russia, which does not allow flexibly and quickly to change the level of production.
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