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Thursday, October 27, 2016

Russia and Saudi Arabia have agreed to work together to maintain the stability of the oil market

Energy Ministers of Russia and Saudi Arabia Alexander Novak and Khalid al-falih issued a joint statement. The parties noted the challenges facing the suppliers of oil — reduction of investment in oil production and migration of projects to a later date.

“In this regard, the Ministers agreed to work jointly or in cooperation with other oil producers”, – said in a statement on the need to maintain stability in the oil market.

As follows from the statement, Russia and Saudi Arabia will create a monitoring group that will monitor the situation on the oil market and to develop recommendations on joint actions.


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