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Saudi Oil Chief Visits Russia to discuss the global oil market situation

Saudi Oil Chief Visits Russia to discuss the global oil market situation

The position in the global oil market and bilateral relations between Russia and Saudi Arabia were reviewed today, Thursday, by Russian Deputy Prime Minister Alexander Novak and Saudi Energy Minister Prince Abdulaziz bin Salman.

The discussion took place this week in St. Petersburg, Russia, on the fringes of the Petersburg International Economic Forum.

According to the “Novosti” news agency, the two parties addressed several aspects of bilateral cooperation between Russia and Saudi Arabia, including steps to ensure oil market stability.

Novak indicated that Russia and Saudi Arabia would continue to cooperate in the oil market, emphasizing that Saudi Energy Minister Prince Abdulaziz bin Salman’s visit to Russia reaffirms their desire to do so within the framework of “OPEC +.”

“We will continue our partnership, which has evolved over many years and has proven to be beneficial.” The Russian official stated.

“Today’s visit reaffirms that we will continue to work jointly as outlined in the present agreement (OPEC +), where we promised to balance the market,” he added.

Novak emphasized the significance of energy cooperation between Russia and Saudi Arabia since the two countries are among the world’s major crude producers.

This comes at a time when oil markets are under pressure because of Western nations’ limits on oil shipments from Russia, one of the world’s top crude producers.

The events and activities of the Petersburg International Economic Forum began on Wednesday in St. Petersburg, with participation from Arab countries, including Egypt, which is a guest of honor at the event.

The forum is in its 25th edition this week, from June 15 to 18, and it gathers more than 13,500 attendees from 141 nations and regions throughout the world. The forum provides an excellent venue for policymakers, politicians, and business leaders from across the world to share their perspectives and experiences.

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