11 October 2023 - 17:28
  • News ID: 631492
Russia, Saudi Arabia discuss oil market, prices

Saudi Arabia and Russia, the world's top two oil exporters, on Wednesday discussed the situation on the oil market and prices amid the escalating conflict between Israel and Hamas, President Vladimir Putin's top oil official said.

Crude oil prices spiked in the wake of the conflict starting on Oct. 7.

Russian Deputy Prime Minister Alexander Novak greeted Saudi Arabia's Minister for Energy Prince Abdulaziz bin Salman in Moscow on Wednesday ahead of the "Russian Energy Week" conference in Moscow, Reuters reported.

Novak said he and Prince Abdulaziz discussed the oil market and cooperation within the OPEC+ group of oil producers.

"Of course, (cooperation within OPEC+) was (considered) at our internal meeting, one of the most important topics that we discussed today," Novak said, according to Interfax news agency.

"We are in constant contact and used this opportunity in our meeting to discuss the market situation," Novak said.

It was not immediately clear what, if any, concrete conclusions were reached. Novak said earlier that the oil price would be discussed.

He also said that Russia was ready for cooperation with Saudi Arabia in nuclear energy, geological exploration and food supplies.

Supply cuts

Saudi Arabia and Russia have agreed to continue with voluntary oil supply cuts of a combined 1.3 million barrels of oil per day, or more than 1% of global demand, to the end of the year.

Saudi Arabia said on Tuesday it was working with regional and international partners to prevent the escalation of the situation in Gaza and neighbouring areas, and reaffirmed that it supports efforts to stabilise oil markets.

News ID 631492


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