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Saudi Arabia, Russia Hold Onto Balanced Oil Market

Saudi Arabia, Russia Hold Onto Balanced Oil Market

Sunday, 20 December, 2020 - 07:00
Saudi Energy Minister Prince Abdulaziz bin Salman and Russian Deputy Prime Minister Alexander Novak during the press conference in Riyadh on Saturday. Photo by Saad al-Dossary

Saudi Arabia and Russia confirmed on Saturday that they would continue to work on balancing the oil market and stressed the importance of cooperation among OPEC and non-OPEC countries.


OPEC+ will hold an online summit on January 4, while Riyadh and Moscow are due to hold talks in March, a meeting hoped to be "in person", Saudi Energy Minister Prince Abdulaziz bin Salman said.


His remarks came during a joint press conference with Russian Deputy Prime Minister Alexander Novak in Riyadh.


Both ministers agreed on the importance of strengthening cooperation between the relevant authorities in oil and gas, electricity, energy efficiency and alternative energy, and providing support to overcome any challenges facing this cooperation.


There will also be greater cooperation in industry, space, information and communication technologies, urban development, finance and banking, transport, education and culture, they said.


With Russia, “we are on the same page in our bilateral relationship and making sure that the market is stable and sustainable. Continuous sustainability and stability is the pillar,” said the Saudi Energy Minister.


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