Saudi Arabia, Russia focus on rebalancing oil markets

RIYADH: Rebalancing oil markets was high on the agenda when King Salman and Russian Energy Minister Alexander Novak held official talks on Wednesday exploring aspects of cooperation between their two countries.
The talks at Al-Yamamah Palace addressed bilateral relations and cooperation in the fields of energy, especially in achieving the stability of the global oil markets through the leadership of producing countries to reduce the surplus from world oil stocks.
King Salman also made a telephone call to Russian President Vladimir Putin. They reviewed bilateral and distinct relations between the two countries in addition to ways of developing them.
The two leaders also discussed regional and international issues, including the Syrian crisis. They affirmed the importance of exerting efforts to reach a political solution and end the suffering of the Syrian people.
Saudi Energy, Industry and Mineral Resources Minister Khalid Al-Falih, in the presence of a number of energy ministers and experts in climate change from around the world, inaugurated the eighth session of the International Energy Agency, the World Energy Forum, and OPEC in Riyadh on Wednesday.
Topics for discussion included the future prospects of energy, alternative energy, efforts to improve oil markets, the recovery of prices and the return of markets to normal, as well as coordination in international policies on climate change, sources of investment in infrastructure and special technologies of clean hydrocarbon materials.
Al-Falih welcomed Novak as well as the Moroccan politician Aziz Rabbah. He noted that as the Kingdom and Russia were the world’s largest oil producers, and due to the economic, political and strategic importance of oil to the two countries, it was necessary to continue joint efforts and cooperation. Al-Falih praised the efforts of the Secretary-General of the International Energy Forum, Dr. Sun Xiancheng, and his team for their work, and expressed the Kingdom’s pride that Riyadh was the headquarters of this forum, which represents a gateway for cooperation and exchange of information between producers and consumers.
The presence of the three organizations — International Energy Agency, the International Energy Forum and OPEC — would help achieve the objective of the conference, he said.
On the sidelines of the conference, Al-Falih met with Novak to enhance strategic partnership relations through the Saudi-Russian Joint Committee and continued cooperation through the Vienna Convention, bringing together 24 countries and contributing to a relative recovery of the oil markets.