Saudi Foreign Minister: Saudi-Russian energy partnership enhances global economic stability
Moscow, Sept 8 (KUNA) -- Saudi Foreign Minister Prince Faisal bin Farhan Al Saud said on Tuesday that the Saudi-Russian partnership in the energy sector has become a key factor in enhancing global economic stability, emphasizing that cooperation between the two countries, particularly within the framework of OPEC+, contributes to supporting the stability of global energy markets and achieving a balance between supply and demand.
During his talks with Russian Foreign Minister Sergey Lavrov in Moscow, Prince Faisal praised the importance of continuing coordination between the two countries in the energy sector and global markets. He affirmed that cooperation within OPEC+ has proven its significance amid growing challenges facing global markets due to geopolitical developments, disruptions in energy supplies, and navigation movements in the region.
For his part, Lavrov appreciated the visit of his Saudi counterpart to the Russian capital “despite the complex situation in the region,” considering that the visit reflects the special nature of bilateral relations between Moscow and Riyadh. He stated that the Saudi foreign minister’s visit comes in the year marking the centenary of the establishment of diplomatic relations between Russia and Saudi Arabia, emphasizing the importance of continuing to develop relations and cooperation between the two countries.
Lavrov also expressed his country’s interest in helping to ease tensions in the Middle East amid escalating regional tensions and their repercussions on energy security and freedom of navigation in the Gulf region.
The two ministers discussed bilateral relations and regional and international developments of mutual interest, with talks focusing on regional security, energy, nuclear cooperation, and joint cultural activities, according to the Russian Foreign Ministry.
The Saudi-Russian talks come at a time when global oil markets are facing mounting pressures, with Brent crude rising today to around $99 per barrel, driven by fears of supply disruptions following attacks on energy facilities in Saudi Arabia and escalating tensions related to navigation security in the Strait of Hormuz. (End) D.A.N / A.M.S
