Saudi Arabia appreciates cooperation with Russia to stabilize oil prices

14 January

Saudi Arabia highly values cooperation in the OPEC+ format, including with Russia, to ensure stabilization of energy prices. Kingdom Foreign Minister Faisal bin Farhan Al Saud said this on Thursday following talks with Russian Foreign Minister Sergey Lavrov.

"We will continue to do everything in our power to ensure stability and maintain predictability of energy prices. In this context, we highly value cooperation in the OPEC+ format, including with the Russian Federation," he said.
The Minister stressed that the Kingdom remains committed to its obligations in the OPEC+ format aimed at stabilizing energy prices, noting that this is a "fundamental factor".



Interaction with Russia in the OPEC+ format has helped stabilize energy prices on global markets and neutralize other negative factors, including the effects of the spread of the coronavirus infection, Faisal bin Farhan Al Saud said.

"We appreciate our interaction in the OPEC+ format," he said. - "This interaction has made an indispensable contribution to stabilizing prices in energy markets, but beyond that, it has also made a notable contribution to protecting the economic system from possible dire consequences in light of the adverse factors that have taken place, including the situation related to the coronavirus. Thanks to this interaction, this was prevented".

The Saudi Foreign Minister also spoke in favor of further developing the entire range of bilateral relations on the basis of agreements reached at the highest level, in particular in the field of investment and technical cooperation.

"This fully meets our common interests," he stressed. - "We believe that the strategic relations between our countries should be maintained. This is the foundation that must be further promoted in every possible way."



GSV "Russia - Islamic World"

Photo: Creative Commons

Based on materials TASS