Russia and Saudi Arabia have agreed to stabilize oil production
September 6, 2016 / Small business
Russian
Energy Minister Alexander Novak and Energy Minister, Industry and Mineral
Resources of the Kingdom of Saudi Arabia Khalid Al-Falih signed a joint
statement with the aim of stabilizing the oil market. This was reported in the
Ministry of Energy website.Ministers recognized the need to curb excessive volatility in the oil market, have a negative impact on global economic growth. The sides noted the particular importance of close cooperation between the major producing countries. In this regard, the Ministers agreed to act jointly or in cooperation with other oil producers.
Ministers also agreed to continue consultations on the situation in the oil market and to establish a joint monitoring working group which will monitor the fundamental indicators of the oil market and to develop recommendations for measures and joint actions to ensure the stability and predictability of the market.
The Ministers agreed to hold in October 2016 the first meeting of the Russian-Saudi working group on oil and gas cooperation. Ministers also hold regular meetings on the "margins" IEF ministerial meeting in Algeria and the November OPEC meeting in Vienna.
Last week, President Vladimir Putin said that Russia is ready to support the freezing of oil.
"That we have not abandoned the freezing of production volumes, it is our Saudi partners at the last moment changed his point of view and decided to make a pause in this decision. But I want to reiterate our position has not changed. If we with Prince Salman will speak on this subject I, of course, our position reproduce again, we believe that it is for the global energy right decision [limitation of oil production]. "
During the meeting of "twenty" Putin held talks with Saudi Crown Prince Salman.
Recall that on April 17 at the Doha talks were held major exporting countries to freeze oil agreement. The parties failed to agree on production constraints due to the position of Saudi Arabia and several Gulf countries.
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