Saudi Arabia asks Russia to join Gulf oil talks in sign of cooperation

Energy Minister Al Falih invited Alexander Novak from non-OPEC member to GCC meeting in Riyadh
Saudi Arabia asks Russia to join Gulf oil talks in sign of cooperation
Saudi Arabias minister of energy Khalid A Al-Falih. (Joe Klamar/AFP/Getty Images)
By Reuters
Sun 23 Oct 2016 04:27 PM

Saudi Arabia's Energy Minister Khalid Al Falih said on Sunday he had invited his Russian counterpart Alexander Novak to join a meeting of Gulf Arab oil ministers in Riyadh as part of efforts to cooperate with non-OPEC members to stabilise the oil market.

"Russia is one of the world's biggest oil producers...and is one of the influential parties in the stability of the oil market," Falih said at the opening session of the ministers of the six-member Gulf Cooperation Council (GCC).

Falih said Novak had welcomed the invitation, "as a clear indication of sincere desire to continue cooperation and coordination with the oil producing and exporting countries for more stability in the market."

Novak had said on Friday he would take "some" proposals to the meeting in Riyadh.

Meanwhile, Iranian Oil Minister Bijan Zanganeh he hopes Russia and Saudi Arabia can agree to coordinate on possible actions on the global oil market.

"I hope the two sides can reach an understanding, ... that and Russia and non-OPEC countries will reach an understanding over the decision by OPEC members to decrease oil production," said Zanganeh, quoted by Iran's oil ministry news agency SHANA.

The Organisation of the Petroleum Exporting Countries (OPEC) agreed in Algiers on Sept. 28 to reduce production to a range of 32.5 million to 33.0 million barrels per day, which would be its first output cut since 2008. Another meeting on Nov. 30 is set to firm up details of the accord.

"Since OPEC has reached the framework of an agreement, efforts should be made so that non-OPEC countries can also agree among themselves," Zanganeh said.

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