MOSCOW, October 11. /TASS/. Russia is ready to cooperate with Saudi Arabia in the development of nuclear energy in accordance with the rules of the International Atomic Energy Agency (IAEA), Russian President Vladimir Putin said at the Russian Energy Week.

"Of course. We always cooperate in accordance with the rules of the IAEA, everything else is the commercial side of the matter," the president said. According to Putin, it is necessary to agree on a number of conditions, including commercial ones. "We don’t know how Saudi Arabia will come to an agreement with the United States, this is a sovereign decision of Saudi Arabia itself," he added.

Putin stated that there is a great degree of trust in OPEC+ between Saudi Arabia and Russia. "It matters when these kinds of personal, trustworthy relationships are formed. Because mutual trust is still crucial when making decisions of the kind we are discussing right now," he said.

In order to stabilize global oil markets in 2024, OPEC+ countries are probably going to decide to restrict oil production - the price of oil could have dropped to $50 per barrel if the necessary decisions had not been made in 2023, Putin said.

Putin added that the 28th Conference of the Parties to the UN Framework Convention on Climate Change, which will be held in the United Arab Emirates at the end of the year, will feature high-level participation from Russia.