saudi minister expresses satisfaction over efforts to contain oil crisis
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

During participation in St. Petersburg’s forum

Saudi minister expresses satisfaction over efforts to contain oil crisis

Arab Today, arab today

Arab Today, arab today Saudi minister expresses satisfaction over efforts to contain oil crisis

Eng. Khaled bin Abdulaziz Al-Faleh
Riyadh - Arab Today

The oil production cut was overshadowed by the participants' positions at the International Economic Forum in St. Petersburg, Russia, as the participants in the global agreement on reducing oil production may study the possibility of deepening the cuts in November.
Eng. Khaled bin Abdulaziz Al-Faleh, Minister of Energy, Industry and Mineral Resources of the Kingdom of Saudi Arabia, held a meeting with Russian Minister of Energy Alexander Novak and discussed the progress made in bilateral cooperation between the two countries as stipulated in the joint declaration signed by the two sides on the sidelines of the G20 summit in Hangzhou on September 5, 2016 and held consultations on the current situation of the global oil markets. 
The two sides expressed satisfaction over the level of bilateral technical cooperation between the two countries' energy sectors since the signing of the joint declaration. 
The ministers also discussed the current situation of the global oil market, affirming their satisfaction over the efforts being exerted by OPEC and non-OPEC oil producing countries, who signed the declaration of cooperation in Vienna, aiming to stabilize the global oil market, reduce its fluctuations, and ensure a balanced supply and demand in the near and long terms. 
The two ministers hailed the positive impact of the exerted joint efforts over the last few months on the fundamentals of the global oil market and the role of these efforts in guiding the market towards a more beneficial path for both producers and consumers. 
They pointed out to the acceleration of withdrawals from the commercial oil reserves of the Organization for Economic Cooperation and Development (OECD) countries in April and May, in comparison with the usual seasonal rates, as well as the significant decrease, since the beginning of the year up to date, in the quantities of floating reserves of oil. 
The ministers also pointed out that these positive developments come against a backdrop of the recovery in the level of global oil demand, exceeding the oil production in countries outside the cartel's zone who take part in this voluntary effort. 
The Saudi and Russian ministers agreed that market stability and predictability are essential to ensure attraction of stable and sustainable investments in future and to support future oil supplies in order to meet growing global demand as well as compensation for decreases in some areas. 
The two ministers agreed to do whatsoever needed to achieve the main objective of stabilizing the market, reduce commercial oil reserves to an average level for five years, emphasize the oil producers' determination to ensure market stability, improve the quality of forecasting conditions and sustaining the growth. The two ministers stressed necessity of extending the joint voluntary actions among participating producers for a period of nine months until 31 March 2018. 
They expressed optimism that the other producing countries will realize the benefit of this cooperative effort and join the participating producers when they meet on 24 and 25, May, 2017. 
The two ministers voiced commitment to consult with their counterparts who are taking part in this effort and with other producers during the period until 24 May with the objective to reaching full consensus on forging an extended agreement for nine months. 

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

saudi minister expresses satisfaction over efforts to contain oil crisis saudi minister expresses satisfaction over efforts to contain oil crisis

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

saudi minister expresses satisfaction over efforts to contain oil crisis saudi minister expresses satisfaction over efforts to contain oil crisis

 



GMT 08:23 2017 Monday ,03 April

Tesla tops quarterly sales forecast

GMT 20:11 2017 Saturday ,25 March

Former head of Egypt’s syndicate submits appeal

GMT 05:28 2017 Sunday ,26 November

Gas exporters call for 'fair price'

GMT 10:51 2018 Tuesday ,11 December

Cloudy weather with rain showers forecast Tuesday

GMT 20:00 2017 Monday ,25 September

Tourism minister leaves for France to attend Top Resa

GMT 22:07 2017 Tuesday ,02 May

UAE soldier martyred in Yemen

GMT 00:25 2017 Sunday ,10 September

Philippines Sees the Bloodiest

GMT 20:21 2017 Wednesday ,08 November

Ambassador Aizaz Chaudhry met members of Congress in US

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 18:16 2017 Monday ,25 December

Sharjah Ruler issues Emiri Decree on SGMB functions

GMT 13:16 2017 Sunday ,15 October

Qatari sheikh says assets frozen over Gulf crisis

GMT 12:50 2017 Saturday ,11 November

ICC prosecutor calls for Afghanistan war crimes probe

GMT 13:28 2012 Friday ,17 February

NYT\'s Anthony Shadid dies in Syria

GMT 16:44 2017 Friday ,01 September

Al-Bashir to partake in OIC Summit in Kazakhstan
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday