The Ministry of energy of Russia and Saudi Arabia, have discussed bilateral cooperation

© RIA Novosti / Vladimir Traveloperator in fotomancer energy of the Russian Federation Alexander Novak. Archival photoThe Ministry of energy of Russia and Saudi Arabia, have discussed bilateral cooperation© RIA Novosti / Vladimir Traveloperator the image Bank

Russian energy Minister Alexander Novak and his counterpart from Saudi Arabia Khalid al-falih, at the meeting in Moscow discussed the current state of the oil market and bilateral cooperation, they also confirmed their intention to continue work on the creation of long-term structures of cooperation within OPEC, according to the message of the Ministry of energy.

«Energy Ministers of Russia and the Kingdom of Saudi Arabia Alexander Novak and Khalid al-falih holds a working meeting in Moscow. The Ministers discussed the current state of the market, as well as bilateral cooperation. Was marked by a good level of dynamics of development of cooperation in energy and industrial issues,» the report says.

It is noted that the Ministers also discussed the dynamics of supply and demand in the market, with a focus on macroeconomic trends and potential scenarios of development of situation in the medium term. The parties reaffirmed their commitment to market stability and «readiness to respond quickly to market changes, together with partners, to ensure market stability in all conditions.»

«The parties confirmed their intention to continue work on the creation of long-term structures of cooperation in the framework of the group of countries within and outside OPEC, with the aim of ensuring predictability and stability in the market, in the interests of all market participants, both producers and consumers», — stated in the message.

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