The authorities of Russia and Saudi Arabia in the framework of the summit of “Big twenty” in China have reached agreement on coordination of actions for ensuring stability and predictability in the oil market. This is stated in the joint statement of the Minister of energy Alexander Novak and Minister of energy, industry and mineral resources Saudi Arabia Khalid al-falikha.
“The Ministers stressed the importance of maintaining ongoing between the parties to the dialogue on the ongoing changes in the oil and gas markets, and also expressed mutual desire to further expand bilateral cooperation in the energy sphere. This is because currently, the two countries bear the burden of responsibility for the production of more than 21% of the global consumption of oil, needed to ensure global economic growth and improve living standards and contribute to the achievement of the Millennium development goals”, the statement reads.
“The Ministers acknowledged the necessity to curb excessive volatility in the oil market, having a negative impact on global economic growth and stability in the long term”, – the document says. Heads of departments agreed to work jointly or in cooperation with other oil producers, to continue consultations on the situation in the oil market, and to establish a joint monitoring working group, which will monitor the fundamentals of the oil market and to develop recommendations on measures and joint actions to ensure stability and predictability of the market.
Russia and Saudi Arabia intend to develop cooperation in the field of production technology and equipment. We are talking about the introduction of new technologies, the exchange of information and expertise to increase the use of technology in production, processing, storage, transportation and marketing of oil and gas, production equipment, services (engineering, fabrication and research activities), as well as in the fields of electricity and renewable energy. In the future, it is possible to create with the support of the sovereign wealth funds of the two countries, the joint data Bank of promising technologies in the energy sector.
The first meeting of the Russian-Saudi working group on cooperation in the field of oil and gas is scheduled for October of this year.
As noted, in this regard, Alexander Novak, Russia and Saudi Arabia are the largest oil producers and the countries with the largest and strongest impact on the industry, so coordination will be critical to ensure market stability. “We are opening a new era of our cooperation, our energy cooperation is moving towards a more deep and close cooperation and strategic partnership. This was made possible through a trust relationship with our Arab friends,” he added.
Source: OilCapital.ru
