The Minister of energy of Saudi Arabia Khalid al-falih spoke about the country’s intention to stabilize the oil market. He said this Sunday, October 23, at the meeting with the head of the energy Ministry of Russia Alexander Novak, RIA Novosti reported.
According to him, the negotiations have become “an important point in the coordination process to achieve an agreement between OPEC countries and other oil-producing countries at the end of November.” “Today’s meeting is best showed the intention of Saudi Arabia to stabilize the oil market”, — he added.
Al-falih also said that Moscow and Riyadh expressing a position that will become a reassuring signal for the oil market.
On 10 October, al-falih predicted that the price of oil by the end of 2016 it will reach $ 60 per barrel. According to him, Saudi Arabia is counting on the constructive role of Russia in the negotiations on the stabilization of the production of energy.
OPEC agreed to freeze oil prices on September 28. Cartel members set the production ceiling at the level of 32.5 million barrels a day. The final agreement should be signed at the meeting in November.
OPEC is an international organization created by oil producing countries to stabilize oil prices. Often regarded as a cartel. It is composed of 13 countries: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Libya, United Arab Emirates, Algeria, Nigeria, Ecuador, Angola and Indonesia.
