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Russia, Saudi Arabia agree to expand cooperation to stabilize energy markets

June 14, 21:36 UTC+3

The sides intend to be guided by the principles of seeking a balanced market that relies on sufficient and steady supply

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© REUTERS/Sergei Karpukhin

MOSCOW, June 14./TASS/. Saudi Arabia and Russia have agreed to make a next move towards expanding cooperation in the energy sector, especially in the oil-and-gas segment, says a joint statement of Russian Energy Minister Alexander Novak and Saudi Arabian Minister of Energy, Industry and Mineral Resources Khalid al-Falih on Thursday.

The sides also agreed to work jointly with all signatories to the declaration of cooperation to create a long-term structure for cooperation, as well as to invite to cooperation other major oil producers.

The sides intend to be guided by the principles of seeking a balanced market that relies on sufficient and steady supply.

Another principle is shared responsibility of all parties for stability of the oil market. The sides intend to ensure support for oil and gas as the key elements of the global energy balance in shaping the global regulatory agenda.

Also, Russia and Saudi Arabia intend to support investment in the oil and gas sector to satisfy a growing demand for oil and compensate for a natural decline in production. The sides plan to bolster investment in the energy sector to increase energy efficiency and stability of the global economy, along with speeding up technological progress.

The sides agreed to jointly work on a comprehensive bilateral agreement taking into account the above principles.

 

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