Falih tells Al Arabiya: Saudi Arabia, Russia working to stabilize oil markets

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Saudi Energy Minister Khalid Al-Falih said that King Salman's visit to Russia has taken relations with Moscow to a new level, pointing out the need for continued cooperation between the two countries is needed at the time to stabilize the oil markets.

In an interview with Al Arabiya about his meeting with Russian Energy Minister Alexander Novak in Moscow as part of the historic visit, Falih expressed his satisfaction with the stability of the oil market, but pointed out the need to work to increase trust.

He expressed that he wished to reach an agreement with Russia ahead of the Organization of the Petroleum Exporting Countries (OPEC) meeting in Vienna on Nov. 30, to reach consensus with Russia on what to do when a global oil deal expires in March.

"I am looking forward to reach a consensus to work with you in the next few weeks before the Nov. 30 meeting, and invite our colleagues from around the world," Al Falih told his Russian counterpart Alexander Novak.

He added, “Although we are satisfied with the progress that has been made, I think you agree that our work is not over yet, that there are still uncertainties and adverse factors in the global oil markets, and we must keep our eyes on the road and keep holding the steering wheel”.

The agreement between OPEC and some non-OPEC members to cut the global oil production will end in March 2018. Russia and Saudi Arabia are one of the largest oil producers involved in the deal.

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