Russian, Saudi energy ministers meet in Jeddah

TASS Russian News Agency | Sep 11, 2019 at 3:20 AM

MOSCOW, September 11. /TASS/. Saudi Arabia's new energy minister, Prince Abdulaziz bin Salman, met with Russian Energy Minister Alexander Novak in Jeddah on Tuesday, the Russian energy ministry said in a statement.

"During the meeting, Alexander Novak and Abdulaziz bin Salman discussed the current status of projects in basic areas of cooperation, including within the framework of OPEC+," the ministry said.

The Saudi minister said on September 9 he planned to discuss bilateral cooperation with Novak.

"We highly appreciate the existing dialogue between Russia and Saudi Arabia and believe that cooperation should continue. We are posed to develop bilateral cooperation, and serious work has already been done," the Russian minister was quoted as saying.

Saudi Arabia is the largest oil producer among OPEC countries. Along with Russia, it acts as the leader of the OPEC+ agreement.

The OPEC+ production reduction pact is valid until the end of March 2020. In total, the countries participating in the agreement should reduce production by 1.2 mln barrels per day to the level of October 2018. Under the deal, Russia and Saudi Arabia, being the biggest oil producers, have the largest quotas for reducing production. They are obliged to cut their oil output by 228,000 and 322,000 barrels per day, respectively.

On September 8, the Al Arabyia TV channel reported that Prince Abdulaziz bin Salman had been sworn in as Saudi Arabia's Minister of Energy during an official ceremony in Jeddah in front of Saudi King Salman bin Abdulaziz. Prince Abdulaziz replaced Khalid al-Falih, who had held that post since 2015.