Custodian of the Two Holy Mosques King Salman Bin Abdulaziz sent a message to Kazakh President Nursultan Nazarbayev conveyed by Saudi Minister of Energy, Industry and Mineral Resources Khalid al-Falih, who is currently on a visit to Kazakhstan.
Following the meeting, President Nazarbayev expressed appreciation for King Salman and Crown Prince and for the leading role of Kingdom of Saudi Arabia.
Minister Falih reviewed with the Kazakh President the areas of cooperation and joint work between the two countries, including cooperation in efforts to rebalance the oil markets, which have resulted in a significant improvement in the markets since the November Agreement in Vienna.
The agreement had been an important turning point in oil markets, as an understanding was concluded and for the first time, between OPEC member states and other non-OPEC producing countries.
During the meeting, officials also discussed recent developments in the world oil markets, process of reducing production between OPEC and non-OPEC states, and commitment of participating countries to this agreement.
Both countries stressed the need for the participating countries to adhere to the agreed-upon reduction quotas.
Falih also went over the reparations for the meeting between OPEC and non-OPEC countries that will be held in Vienna on November 30, 2017.
In addition, the officials discussed ways to make the meeting a success and support the recovery of the market and the global economy, which will achieve the interests of both countries and the interests of both oil exporting and importing countries.
The meeting also dealt with latest developments related to agreements and memorandums of understanding signed between the two countries, in the fields of petroleum, petrochemicals, mining, space sciences and other joint projects.
Falih will meet energy ministers of Russia Alexander Novak and Kazakhistan Kanat Bozumbayev at a Community of Independent States’ Electric Power Council conference in Tashkent, Uzbekistan, on Saturday.
“Our joint efforts between Russia, Saudi Arabia and 24 other states that have been working on stabilizing the oil market will have great impact and I hope great benefits,” Falih said.