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Russian, Saudi energy chiefs hash over broad industrial cooperation

April 20, 2018/ 10:37

Jiddah (Saudi Arabia). Russia’s Energy Minister Alexander Novak met with his Saudi Arabian counterpart Khalid al-Falih prior to the eighth meeting of the monitoring committee of OPEC and non-OPEC nations in Jiddah (Saudi Arabia) to discuss energy collaboration, Russia’s Energy Ministry said in a statement on Friday.

"An active position has allowed leading oil-producing countries to reach a consensus regarding the issue of implementation of 'Vienna agreements' on voluntary correction of crude output. The market reacts positively as it sees our successful efforts on reserves reduction," Novak said.

The two ministers also discussed the issue of bilateral cooperation in the oil, gas, geological exploration and nuclear energy areas, informs TASS.

On Friday, the monitoring committee of OPEC and non-OPEC (so-called OPEC+) nations will meet to discuss the agreement’s progress in implementing. Ministers are expected to announce the compliance rate for March (it stood at 138% in February).

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