The Minister of Petroleum and Mineral Resources, Ali Al-Naimi, said that Saudi Arabia welcomed the return of Iraq to the international oil market, and that Iraq will remain an effective member of the Organization of Petroleum Exporting Countries (OPEC).
Addressing a joint press conference here on Wednesday, with Russian Energy Minister Igor Khanukovich Yusufov, Al-Naimi stressed the stability of the international oil market, and said: “There is absolutely nothing that prompts concern about the international oil market. The ideal price for a barrel of oil is a price ranging from $20 to $28.”
For his part, the Russian Energy Minister said: “A sudden rise in the price of oil will not serve the interests of any party. However, the Kingdom of Saudi Arabia and Russia, in their capacity as the most important petroleum exporting countries, shoulder their responsibility to international oil markets, and work to preserve reasonable and stable prices.” He noted that the initiative presented by Crown Prince Abdullah bin Abdul Aziz, Deputy Premier and Commander of the National Guard, pertaining to gas exploration and joint investment in this sector was one of the most important topics of recent Saudi-Russian talks.
Yusufov pointed out that Russia is keen to enable its companies to operate in the Saudi market. The two sides have agreed to hold a meeting of the joint Saudi-Russian Commission early next year. “The two countries have also agreed to cut taxation and protect reciprocal investments,” he said.
Source: SPA
