Saudi, Nigeria say cooperation important for oil market stability

In this Saturday, Jan. 23, 2016, file photo, an oil pump stands as the Saudi Hawks Aerobatic Team of the Royal Saudi Air Force performs during the Bahrain International Airshow in Sakhir, Bahrain. (AP)

Consultations and co-operation between OPEC and non-OPEC crude producers are the best ways to keep oil markets stable, Saudi Arabian and Nigerian government oil officials said, state news agency SPA reported on Tuesday.

Saudi Deputy Oil Minister Prince Abdulaziz bin Salman and Nigerian Oil Minister Emmanuel Ibe Kachiwkuto discussed the conditions of the oil market at a meeting in Riyadh, SPA reported.

SPA gave no specific details of the talks. Both countries are OPEC members.

Last week, top oil exporters Russia and Saudi Arabia agreed to freeze output levels but said the deal was contingent on other producers joining in.

Saudi Arabia led the Organization of Petroleum Exporting Countries’ decision in November 2014 to keep heavily pumping oil even though mounting oversupply was already sending prices into free-fall. The oil price has collapsed 27 percent in the past 20 months.

Last Update: Wednesday, 20 May 2020 KSA 09:47 - GMT 06:47