Russia and Saudi Arabia set to continue cooperation as part of OPEC
Russia and Saudi Arabia are set to continue cooperation as part of OPEC+ and will do their best to maintain stability in the oil market, News.Az reports citing TASS.
This was announced by the Russian government following a meeting between Deputy Prime Minister Alexander Novak and Saudi Arabian Energy Minister Prince Abdulaziz bin Salman Al Saud.
The two ministers co-chair the intergovernmental commission on trade and economic cooperation, and also represent countries during OPEC+ negotiations. The meeting took place in Saudi Arabia.
"Separately, at the meeting, the current situation in the global oil market was touched upon. It was emphasized that Russia and Saudi Arabia are firmly committed to the goal of the OPEC+ agreement to maintain market stability and restore the balance of supply and demand," the statement says.
In July, US President Joe Biden made his tour of the Middle East, including Saudi Arabia. Washington tried to convince the Arab countries to significantly increase the volume of oil produced in order to bring down its price on the world market.
On August 3, Russia and Saudi Arabia will take part in the OPEC+ meeting, where the countries will agree on the production levels of the parties to the agreement.