Morocco, Russia Promote Cooperation with Signing of 11 Agreements

Morocco’s Prime Minister Saadeddine al-Othmani (R) meets his Russian counterpart Dmitri Medvedev in Rabat on October 11, 2017 (AFP Photo/FADEL SENNA)
Morocco’s Prime Minister Saadeddine al-Othmani (R) meets his Russian counterpart Dmitri Medvedev in Rabat on October 11, 2017 (AFP Photo/FADEL SENNA)
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Morocco, Russia Promote Cooperation with Signing of 11 Agreements

Morocco’s Prime Minister Saadeddine al-Othmani (R) meets his Russian counterpart Dmitri Medvedev in Rabat on October 11, 2017 (AFP Photo/FADEL SENNA)
Morocco’s Prime Minister Saadeddine al-Othmani (R) meets his Russian counterpart Dmitri Medvedev in Rabat on October 11, 2017 (AFP Photo/FADEL SENNA)

Morocco and Russia boosted bilateral cooperation on Wednesday with the signing of 11 agreements in energy, agriculture, culture, education, investment and trade sectors, following talks between Prime Minister Saadeddine al-Othmani and Russian Prime Minister Dmitry Medvedev.

Medvedev is on an official visit to Morocco, along with a number of members of the Russian government, businessmen and senior officials.

“The visit of the Russian prime minister to Morocco falls within a clear will for cooperation, which was initiated by King Mohammed VI’s historic visit to Moscow in March 2016,” Othmani said during the signing ceremony of the partnership agreements.

Othmani explained that trade exchange with Russia has developed since the signing of the trade and economic agreement, which helped increase the volume of trade from around $200 million in 2001 to $2.5 billion in 2015.

In 2013, a new phase was launched between the two countries after the signing of a cooperation agreement in the fishing sector, the Moroccan prime minister noted.

“Economic cooperation between the two countries remains satisfactory, and trade is on an upward path, but there is still work to be done to achieve a more balanced trade relationship between the two countries,” he stated.

Othmani also expressed his country’s readiness to “establish an expanded tripartite partnership between our countries on the one hand, and Africa on the other, engaging the public and private sectors in order to carry out important projects, in favor of the three parties.”

For his part, Medvedev expressed his country’s determination to develop a partnership with Morocco, particularly in the fields of energy, agriculture and tourism, as well as to enhance military and security cooperation.

The Russian official underlined the importance of continuing to supply the Moroccan market with its needs of grains in exchange for the import of fruits and Moroccan vegetables.

Medvedev pointed to the importance of expanding cooperation in the fields of energy technology and tourism, noting that the number of Russian citizens visiting Morocco was on the rise.

Meetings between Russian and Moroccan officials on Wednesday witnessed the signing of 11 bilateral agreements in various fields of cooperation.



Iraq, Saudi, Russia Stress Need for Stable Oil Market ahead of OPEC+ Meeting

A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration
A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration
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Iraq, Saudi, Russia Stress Need for Stable Oil Market ahead of OPEC+ Meeting

A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration
A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration

OPEC+ members Iraq, Saudi Arabia and Russia agreed in a meeting in Iraq on Tuesday on the importance of maintaining stable oil markets and fair prices, Iraq's Prime Minister Office said on Tuesday.

The talks come ahead of Sunday's meeting of OPEC+, which comprises the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, where OPEC+ sources say it will weigh a possible further delay to plans to raise oil output.

Iraqi Prime Minister Mohammed Shia al-Sudani, Saudi Arabian Energy Minister Prince Abdulaziz bin Salman, and Russian Deputy Prime Minister Alexander Novak attended the meeting.

They discussed "the conditions of global energy markets and matters related to the production of crude oil, its flow to markets, and meeting demand," the prime minister's office said, Reuters reported.

"The importance of maintaining stability, balance, and fair prices was emphasised, while stressing the vital role played by the OPEC+ group in this regard," the office added.

Russian energy minister Sergei Tsivilev and deputy energy minister Pavel Sorokin were also present, according to a photo posted on the X account of the Iraqi prime minister's media office.

OPEC+, which pumps around half the world's oil, has already delayed a plan to gradually lift production by several months this year because of falling prices, weak demand and rising production outside the group.

Despite OPEC+'s cuts and delays to output hikes, oil prices have mostly stayed in a $70-$80 per barrel range this year and on Tuesday were trading below $74 a barrel, not far above a 2024 low reached in September.

Azerbaijan's Energy Minister Parviz Shahbazov told Reuters on Monday OPEC+ may at Sunday's meeting consider leaving its current oil output cuts in place from Jan. 1. The meeting will be held online, OPEC+ sources said.