King Salman, Russian energy minister discuss rebalancing oil markets

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King Salman bin Abdulaziz Al Saud discussed on Wednesday with Russian Energy Minister Alexander Novak ways of re-balancing oil markets by producing countries to reduce the surplus from world oil stocks.

The meeting took place at Al-Yamamah Palace in Riyadh.

According to Saudi Press Agency, during the meeting, they also reviewed relations between the Kingdom and Russia and ways of enhancing and developing bilateral cooperation in the fields of energy.

Also present at the meeting was Prince Abdulaziz bin Saud bin Naif bin Abdulaziz, Minister of Interior, Minister of State and Cabinet Minister Dr. Musaed bin Mohammed Al-Aiban, Minister of Energy, Industry and Mineral Resources Khalid bin Al-Falih, Minister of State for Foreign Affairs Dr. Nizar bin Obaid Madani, and Russian Ambassador to the Kingdom Sergey Kozlov.

Falih confident cuts will stabilize market

Saudi Energy Minister al-Falih said he was confident that cooperation between the Organization of the Petroleum Exporting Countries (OPEC)and its non-OPEC allies will continue to stabilize oil markets.

“I am confident that our high degree of cooperation and coordination will continue and bring the desired results,” Falih told an industry conference in Riyadh attended by Novak and OPEC Secretary General Mohammad Barkindo.

- With Reuters