Saudi Arabia, Russia Brings Stability to Oil Market

Saudi Arabia, Russia Brings Stability to Oil Market

Saudi Arabia and Russia cooperate to bring “perpetual stability” to the global oil markets, Prince Abdul Aziz bin Salman, the Kingdom’s energy minister, said in the Russian Energy Week summit in Moscow, according to Reuters.

This came at a panel under the theme of “global energy — new alliances,” where the Saudi energy minister and his Russian counterpart Alexander Novak emphasized the importance of cooperation to stabilize supply and prices, in line of the OPEC+ agreement.

The minister told a packed hall of global energy leaders, “We could not be doing better than what we are doing today. It’s quite a marriage of convenience. We are in an alliance because there is a lot of rationale in that alliance. It did not come because there is emotion in it, but is a result of straight thinking about what we could do together.”

For his part, Novak agreed that the OPEC arrangement had somewhat brought stability to the international oil market. Nonetheless, he expressed his concerns regarding global economic and geopolitical factors.

Prince bin Salaman added, “I am always conscious of the effect of the oil market on the global economy, and I believe the OPEC+ agreement will help ensure the perpetual stability of the oil market to the benefit of producers, consumers, the energy industry and the world economy.”


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