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Russia, Saudi Arabia reiterate commitment to current OPEC+ agreements

Russian Deputy Prime Minister Alexander Novak stressed he was convinced that this format of cooperation would be further developed

MOSCOW, December 20. /TASS/. Saudi Aramco, the world’s biggest oil company in terms of reserves and production, is looking at expanding cooperation with Russian energy companies, a spokesman for Russian Deputy Prime Minister Alexander Novak said on Sunday, commenting on the results if his visit to Saudi Arabia.

"The energy sector is still playing a key role in cooperation between our countries and has a considerable potential in the area of developing new oil production technologies, the use of artificial intelligence and research cooperation," Novak was quoted as saying. "For instance, Saudi Aramco and its sectoral companies are looking at expanding their participation in energy projects in Russia. Apart from that, cooperation in the nuclear sector is also promising."

Saudi Aramco earlier negotiated possible cooperation options with Russia’s oil majors Rosneft and Lukoil, and with other companies specializing in oil trading and processing across the globe. Apart from that, Aramco planned to join the Arctic LNG-2 project of Russia’s Novatek. The sides however failed to reach an agreement.

Russia and Saudi Arabia, the two world’s biggest oil producers, maintain cooperation within the OPEC+, Novak recalled.

"We reiterated our commitment to the current agreements reached during the 12th OPEC and non-OPEC ministerial meeting and to our cooperation geared to ensure the swiftest market stabilization and to reach a balance while the demand is still very volatile," Novak was quoted as saying.

The deputy prime minister stressed he was convinced that this format of cooperation would be further developed. "We will continue to work together to reach a balance, to regularly monitor the market and offer, if need be, solutions for its stabilization," he added.

Plans to increase trade

Russia and Saudi Arabia also plan to increase trade to five billion US dollars by 2024.

"Saudi Arabia is Russia’s strategic partner in the Middle East, Novak stressed. According to the deputy prime minister, the key joint target is to increase trade to five billion US dollars by 2024," the spokesman said.

"It is quite achievable and the positive dynamics of bilateral trade proves that. I would note with satisfaction that trade was up by 58% in 2019, to 1.7 billion US dollars. In January-October 2020, despite the unfavorable foreign market situation, trade demonstrated positive dynamics, going up by another six percent, to 1.4 billion US dollars, on the same period last year," he quoted Novak as saying.

A program of high-level Russian-Saudi strategic cooperation was signed in October 2019. The sides are currently working on a draft roadmap that is planned to be signed in the first six months of 2021.

"The energy sector is still playing a key role in cooperation between our countries and has a considerable potential in the area of developing new oil production technologies, the use of artificial intelligence and research cooperation," Novak was quoted as saying. "For instance, Saudi Aramco and its sectoral companies are looking at expanding their participation in energy projects in Russia. Apart from that, cooperation in the nuclear sector is also promising.".

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