Russia and Saudi Arabia have signed a joint statement aimed at stabilizing the crude market on the sidelines of the G20 Summit, TASS correspondent reports from the signing ceremony.
The document was signed by Russian Energy Minister Alexander Novak and Saudi Minister of Energy, Industry and Mineral Resources Khalid Al-Falih.
The two countries will develop cooperation in the oil and gas sector to implement new technologies, and could create a joint database on advanced energy technologies.
Russia and Saudi Arabia will set up a working group to monitor the crude market and hammer out recommendations for providing its stability. According to the statement, the first working group meeting will be held in October. The energy ministers of the two countries will meet in October in Algeria, and in November in Vienna.
The Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid A. Al-Falih and the Minister of Energy of the Russian Federation Alexander V. Novak met in Hangzhou, China on the sidelines of the G20 Summit.
In their meeting, the Ministers recognized the importance of maintaining their ongoing dialogue about current developments in oil and gas markets and indicated their mutual desire to further expand their bilateral relations in energy. This stems from the fact that the two countries currently shoulder the responsibility of producing more than 21-percent of global oil demand which is required to fuel global economic growth, improve standards of living and help achieve the Millennium Development Goals.
In this regard, the Ministers noted that constructive dialogue and close cooperation among major oil producing countries is crucial to oil market stability to ensure sustainable levels of investment for the long term. Therefore, the Ministers agreed to act jointly or with other producers. In addition, the Ministers agreed to continue consultations on market conditions by establishing a joint monitoring task force to continuously review the oil market fundamentals and recommend measures and joint actions aimed at securing oil market stability and predictability.
Russian Energy Minister Alexander Nobak has pointed out that Moscow and Riyad were switching to strategic partnership in energy sector. Novak noted that the two countries' deep mutual trust enabled a joint response to global challenges.
According to the minister, Moscow is ready to join oil production freeze if such a decision is made. The official has stressed that freezing the oil production would have a positive impact on the oil market.
First published by TASS.
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