Energy Ministers of Russia and Saudi Arabia held a meeting in Oman

© RIA Novosti / Vladimir Fedorenkova in fotomancer of energy of Russia Alexander Novak. Archival photoEnergy Ministers of Russia and Saudi Arabia held a meeting in Oman© RIA Novosti / Vladimir Fedorenkova the image Bank

Energy Ministers of Russia and Saudi Arabia Alexander Novak and Khalid al-falih met in Oman before the meeting of the monitoring Committee on the implementation of the agreement of OPEC, according to the official page of the Ministry of energy on Twitter.

Minister @novakav1 met with the Minister of energy, industry and natural resources of the Kingdom of Saudi Arabia, Khaled al-Valicom pic.twitter.com/MebuPmumPW

— The Ministry of energy (@MinenergoGov) on 20 January 2018.

As reported later, the Russian energy Ministry in a press release following the meeting, the heads of energy agencies discussed the state and prospects of bilateral cooperation and interaction, including in the framework of agreements of countries-participants of OPEC+ to stabilize the oil markets.

The sides expressed satisfaction with the ongoing process of rebalancing of the oil market, the report says.

«The market sees the success of the effort and responds – the price reached almost 70 dollars per barrel», — quotes the words of energy Minister Novak.

Ministerial meeting on monitoring the execution of the transaction OPEC+ will be held on Sunday, January 21.

Heads of delegations of the Ministerial monitoring Committee of OPEC+ pic.twitter.com/vo373vYJ7M

— The Ministry of energy (@MinenergoGov) on 20 January 2018.

OPEC and several non-organisation countries (OPEC+) agreed in late 2016 in Vienna on the reduction of its oil production to total 1.8 million barrels per day from the level of October 2016, of which 300 thousand are in Russia. In November 2017, the parties extended it until 2018. The next OPEC summit will be held on 22 June 2018 in Vienna.

To monitor compliance with the agreement and make recommendations for the adjustment of its conditions were created by the Ministerial monitoring Committee, which meets once in two months. It includes the representatives of Saudi Arabia, Venezuela, Kuwait, Algeria, Oman and Russia. The implementation of the agreement following a technical Committee consisting of experts from the Ministerial Committee. He’s going each month.Energy Ministers of Russia and Saudi Arabia held a meeting in Oman© RIA Novosti, Integratiebeleid in fotomonster and objectives of OPEC

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