Russia and Saudi Arabia are aimed at strengthening cooperation in the global oil market and do not note any reasons that could undermine interest in their cooperation within the framework of OPEC+, Russian Foreign Minister Sergey Lavrov said on Wednesday at a joint press conference following talks with Saudi Foreign Minister Faisal bin Farhan Al Saud.
"We confirmed today the focus on strengthening our cooperation on global hydrocarbon markets. At this stage, we do not see any events that, if realized, would undermine interest in our mutual cooperation. This is an objective fact, and it has a long-term and sustainable nature, according to my assessment," said the head of the Foreign Ministry.
The Minister added that the actions of OPEC+ deal participants are aimed at sustainable stabilization and increase of oil prices. According to Lavrov, they will be able to balance the global commodity market and avoid serious shocks to the global economy, even if other producers increase production levels. "We will surely find a way to coordinate our actions in such a way as to balance the interests of both producers and consumers. The current price level more or less reflects that balance. I think we will strive to make sure that the world economy does not suffer from any serious surges and drops," he said.
Fighting a pandemic
Lavrov said that Russia and Saudi Arabia aim to develop cooperation in the fight against the pandemic, including on the issue of localizing the production of the Sputnik V vaccine.
"We have a mutual interest in developing cooperation to combat the spread of coronavirus infection, including working out the issues of organizing the third phase of clinical trials of the Russian Sputnik V vaccine here in Saudi Arabia and discussing the possibility of localizing its production," Lavrov said.
Situation in the Persian Gulf
According to Lavrov, Moscow is ready to provide the necessary assistance for the long-term improvement of the situation in the Persian Gulf zone.
"Considerable attention was paid to the prospects for long-term normalization of the situation in the Persian Gulf zone through the establishment of direct channels of communication between the states located there and through the creation of collective mechanisms for responding to existing and possible new challenges and threats. The Russian side has confirmed its readiness to provide necessary assistance for achieving such goals according to our well-known concept of collective security in this strategically important region of the world," the Russian Foreign Minister said.
Lavrov also said that Russia welcomed the restoration of unity within the Gulf Cooperation Council (GCC) and among Arab countries in general.
In January, the 41st summit of the GCC, which includes Bahrain, UAE, Qatar, Kuwait, Oman and Saudi Arabia, was held in Saudi Arabia in the city of El Oula. Its main result was the signing of an agreement to end all disagreements with Qatar, restore full diplomatic relations, as well as the resumption of air links and lifting of the blockade. Egyptian Foreign Minister Sameh Shoukry also put his signature under the document.
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Photo: Press Service of the Russian Foreign Ministry / TASS
Based on materials from TASS