Saudi Arabia’s Energy Minister Khalid al-Falih said yesterday (23 October) that he had invited Russian Energy Minister Alexander Novak to meet their Gulf Arab counterparts in Riyadh as part of the Kingdom’s effort to boost cooperation between the OPEC and non-OPEC oil and gas producers in an attempt to balance the world oil market. Alexander Novak will take part in a dinner and gathering of the energy ministers of the six Member States of the Cooperation Council for the Arab States of the Gulf (CCASG).
“Russia is one of the world’s biggest oil producers … and is one of the influential parties in the stability of the oil market,” Mr al-Falih explained his invitation. Russian Minister has accepted the invitation “as a clear indication of sincere desire to continue cooperation and coordination with the oil producing and exporting countries for more stability in the market.”
Mr Novak arrived in Saudi Arabia on a two-day visit to meet his Saudi counterpart Khalid al-Falih to discuss relations between the two countries as well as cooperation with the OPEC amid current situation in the oil market. While the Kremlin has pledged to cooperate with the cartel, it has not been specific whether Russia will just curb output or freeze production completely. Mr Novak, however, said on Friday (21 October) that he would take “some” proposals to the meeting with the leadership of the Gulf States.
OPEC agreed last month in Algiers that it would make some modest cuts to its production. The goal is to cut production to a range of 32.50-33.0 million barrels per day.” The Algeria meeting last month was successful in pushing the path of cooperation between oil producing and consuming countries and included important talks between experts from OPEC countries and outside of OPEC about oil markets,” Mr al-Falih said.