Riyadh – Mubasher: Saudi Arabia has signed a memorandum of understanding (MoU) with Russia on the oil market, and that involves the formation of a joint committee to determine the required procedures to achieve oil market stability.
Saudi energy minister, Khalid Al Falih, said that it was necessary for all to cooperate on achieving a stability in oil prices, noting that the time was right for the cooperation decision between the two countries, a Saudi news channel reported.
Russia looks forward to cooperating with KSA to reduce the fluctuation of oil prices, said Russian energy minister, Alexander Novak
Oil prices recorded strong gains, exceeding 5%, backed by the aforementioned news, the channel reported on Monday.
Oil prices had retreated by more than half since 2014 amid a supply glut.
The Organisation of Petroleum Exporting Countries (OPEC) will hold unofficial talks in Algeria in September. They are expected to meet officially in Vienna in November this year.
