Minister of Energy reviews current status of world oil markets with his Russian counterpart

Riyadh, Russian Minister of Energy Alexander Novak in Moscow yesterday hosted Minister of Energy, Industry and Mineral Resources Eng. Khalid bin Abdulaziz Al-Falih.During the meeting, they reviewed the current situation of the international oil market...

Riyadh, Russian Minister of Energy Alexander Novak in Moscow yesterday hosted Minister of Energy, Industry and Mineral Resources Eng. Khalid bin Abdulaziz Al-Falih.

During the meeting, they reviewed the current situation of the international oil markets and the bilateral relations between the two countries in the field of energy and expressed their satisfaction with the current situation of bilateral cooperation between the two sides.

The two ministers also discussed the dynamics of supply and demand for oil, focusing in particular on the state of the global economy, demand for oil and potential supply risks.

Both Al-Falih and Novak reiterated their joint commitment to ensuring the adequacy of oil supplies, particularly in light of the uncertainties in the markets. They also emphasized their continued commitment to respond quickly and appropriately to market developments and to cooperate closely with their partners.

The two Ministers reiterated their determination to continue working towards establishing a long-term cooperation framework between OPEC and non-OPEC producer countries to serve as a basis for proactively promoting market stability while serving the interests of producers, consumers and the global economy.

In conclusion, Eng. Khalid Al-Falih accepted the invitation of his Russian counterpart to attend the Russian Energy Week scheduled to be held in Moscow from 3 to 6 October.

Source: Saudi Press Agency