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UAE ready to cooperate with Russia and Saudi Arabia to stabilize world oil market

September 05, 2016, 20:17 UTC+3 ABU DHABI

Earlier, Russia and Saudi Arabia signed a joint statement on stabilization of the world oil prices

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© Ruslan Shamukov/TASS

ABU DHABI, September 5 /TASS/. The United Arab Emirates (UAE) support a Russian-Saudi Arabian agreement for joint actions with an aim to stabilize oil prices, UAE Energy Minister Suhail Mohamed Faraj al Mazrouei wrote in Twitter on Monday.

"The United Arab Emirates welcome cooperation between Saudi Arabia and Russia, which are the two biggest world oil producers," the UAE energy minister stressed. "We believe that these two countries want to cooperate with each other as well as other countries to reach stability in the oil market. The UAE, which is an active and responsible member of the Organization of Petroleum Exporting Countries (OPEC), will always support any joint efforts to stabilize the oil market," Suhail Mohamed Faraj al Mazrouei said.

On Monday, the Russian and Saudi energy ministers signed a joint statement on stabilization of the world oil prices on the G20 sidelines. Russia and Saudi Arabia agreed to put in joint efforts and cooperate with other oil producers with an aim to maintain stability on the oil market and ensure sustainable level of investments.

The ministers agreed to continue consultations on the situation in the oil market and create a joint monitoring group to track down the market’s fundamental indicators and work out recommendations on how to make the oil market more stable and predictable.

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