Minister of Energy, Industry and Mineral Resources Eng. Khalid bin Abdulaziz Al-Falih has held a meeting with Russian Energy Minister Alexander Novak, on the sidelines of the visit paid by HRH Prince
Mohammad bin Salman bin Abdulaziz, Crown Prince, Vice President of the Council of Ministers, Minister of Defense, to the Russian Federation.
During the meeting, the two sides committed to deepen the two countries cooperation in the field of energy, specifically oil and gas, in accordance with the following principles:
- Promoting a balanced global oil market that is supported by reliable and sufficient oil supplies;
- Emphasizing the shared responsibility of oil-producing and oil-consuming countries towards global oil market stability;
- Ensuring that national policies support the inclusion of oil and gas as key components in the global energy mix, and promoting investments in oil and gas to meet projections for growing demand and offset
natural declines around the world;
- Enhancing investments in the energy sector, promoting energy efficiency and sustainability, as well as energy technological development.
The two Ministers have agreed to develop a comprehensive bilateral energy agreement reflecting the above principles and setting joint actions. They also agreed to work with the countries party to the Vienna
Declaration of Cooperation of December 2016 towards a long-term framework of cooperation to institutionalize broad multilateral cooperation towards market stability, and to invite other major producers to
become a part of this collaborative effort.