Russia’s Energy Minister calls joint statement of Moscow and Riyadh on oil "historic"

HANGZHOU, September 5. /TASS/. The Russian-Saudi statement aimed at stabilization of the oil market, which was signed at the G20 summit on Monday, is of "historic" significance for the relations between OPEC and the oil producing countries, which are not members of this organization, Russian Energy Minister Alexander Novak told reporters. "I am confident that this new stage of relations between the two countries, OPEC and non-members. This is a historic moment, in my opinion," Novak said. He said that during his talks with Saudi Arabia’s counterpart he did not discuss the issue of cooperation between Russia and OPEC. "Today we held bilateral talks, and first of all our joint statements are about joint actions and co-coordination of work. This concerns our two countries," the Russian Minister said. According to him, Moscow has great respect for the OPEC. This organization continues to have a significant impact on the situation with the demand on the market, as it accounts for a significant volume of production, Novak said. Read more