Saudi and Russia energy ministers discuss oil demand

07/10/2015 05:17 AST

Russia and Saudi Arabia discussed the situation on the oil market last week and agreed to continue consultations, exchanging views on demand, production and shale oil, said Russian Energy Minister Alexander Novak.

Even though the oil price has halved since last year on oversupply, Russia has refused to cooperate with OPEC, where Saudi Arabia is the leading producer.

Both OPEC and Russia are instead increasing production in a move to defend market share. Novak did say on Saturday that Russia was ready to meet with OPEC and non-OPEC producers to discuss the market and his comments have supported prices.

Novak, who was in Turkey last week for a G-20 energy ministers meeting, said he did not see a risk that relations between Russia and Saudi Arabia would worsen and said he had discussed global oil markets with Petroleum and Mineral Resources Minister Ali Al-Naimi.

“We discussed the situation on the market in Istanbul, held consultations, exchanged views on demand, production, the shale oil revolution, (and) agreed to continue consultations,” Novak said.

Novak added that a meeting of the Russia-Saudi Arabia intergovernmental commission was scheduled for the end of October or the beginning of November.


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