Deputy Prime Minister Alexander Novak held a working meeting with the Energy Minister of Saudi Arabia, Prince Abdulaziz bin Salman, in Riyadh.

The parties discussed cooperation within the Russian-Saudi Intergovernmental Commission that Alexander Novak and Prince Abdulaziz bin Salman co-chair. They also covered cooperation between the two countries in the oil and gas industry, including achieving goals to maintain market stability and restore the balance of supply and demand on the global oil market.

In particular, they focused on mutual understanding within the OPEC+ group and stressed the two countries’ commitment to the decision made by OPEC+ in October 2022 to reduce oil production by 2 million barrels per day until the end of 2023 and to continue Russian-Saudi cooperation within OPEC+ as it contributes to strengthening the balance and stability of the global oil market.