The Kingdom of Saudi Arabia and Russia will work for the stability of the world oil market, it was revealed here yesterday.
"As the Kingdom and Russia are the biggest oil producing and exporting countries in the world, it will be an essential matter for us to enhance our cooperation and coordination with Russia at the world oil market," Minister of Petroleum and Mineral Resources Ali Al-Naimi told a visiting Russian delegation at a meeting held at his office here yesterday.
A 16-member delegation comprising heads of major oil companies and economic experts, led by the President of the Federal Agency for Energy in Russia Sergei Oganesyan, held talks with Al-Naimi on steadying the fluctuating oil market. The Russian ambassador in Riyadh, Andrei Baklanov, was also present, according to a report published today by Arab News.
Speaking on the occasion, Al-Naimi highlighted the existing cooperation between the Kingdom and Russia in oil related affairs.
"The two countries are keen on maintaining stable oil prices that would serve the interests of both oil producing and consuming countries which would positively contribute to the growth of the world economy," the minister said.
The meeting was attended by the adviser at the Ministry of Petroleum and Mineral Resources, Prince Faisal Bin Turki and other senior officials.
The minister also called for greater cooperation in the exchange of information and coordination between the two countries.
The visiting delegation also met with Crown Prince Abdullah Bin Abdul-Aziz, the Deputy Premier and Commander of the National Guard and Foreign Minister Prince Saud Al-Faisal.
The delegation is expected to hold talks with Saudi businessmen later today at the Riyadh Chamber of Commerce and Industry (RCCI) on means of enhancing cooperation in spheres of trade and investment between the two countries.
