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Iran and Russia have signed an agreement on joint actions for the sake of the stability in the oil market

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Iran and Russia have signed an agreement on joint actions for the sake of the stability in the oil market

Iran and Russia have signed an agreement on joint actions for the sake of the stability in the oil market
September 05
14:30 2016

Moscow and Riyadh have made a general statement and said that Russia and the Saudi Kingdom had agreed to work together for the sake of the stability in the oil market.

The statement reported that Russian Energy Minister Alexander Novak had had a meeting with Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia at the summit of “Big Twenty”. During the meeting the ministers agreed that the excessive volatility in the oil market had to be restrained as it negatively affected the global economic growth and stability of the market.

“In this regard the Ministers agreed to act jointly or in cooperation with other oil producers,” – says the statement.

Riyadh and Moscow also agreed to continue consultations on the state of the oil market and, in addition, to organize a common working group to monitor the underlying factors of the oil market. Also, the working group aims to develop an algorithm of actions to stabilize the oil market.

The report also says that Novak and Al- Falih have planned a meeting of the working group on cooperation in the oil and gas sector. The meeting will take place in October this year. In addition, the heads of ministries will meet in the framework of a planned ministerial meeting in September in Algeria and at the November meeting of the OPEC countries.

On Monday Novak said that if raw material producers decided to start freezing oil, the Russian Federation would join them. Also, he considers that the suspending of the raw materials production can significantly bring stabilization of the market.

At the same time the Minister of Energy of Saudi Arabia Al-Falih said in an interview that  there was no need to freeze the oil production that day. Al-Falih informed that oil quotes were being stabilized, and the freezing of the production was not the only solution.

According to the news agencies of the Russian Federation, Alexander Novak believes that Iran should be allowed to reach the level of the oil production, which it had earlier, before it starts a discussion on joint actions. However, in his television interview Khalid Al-Falih said that Iran had already reached the level of the production, which it had had before sanctions.

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