Saudi Arabia Invites Russia to Cooperate on Gas Market

Saudi Arabian Energy Minister Prince Abdel Aziz bin Salman wants Russia to consider the possibility of cooperation on the gas market, said Russian Deputy Prime Minister Alexander Novak.

“He offered to think about this issue, we discussed it in the framework of our bilateral meeting. And we came to a point where it would be nice to think about this topic. Here we will think,” Novak said, quoted by TASS.

Earlier, the opinion on the lack of regulation of gas and coal markets was also addressed by the Saudi Energy Minister, Prince Abdel Aziz bin Salman. The minister noted the positive contribution in this regard for the oil market of the OPEC + alliance.

In July, the OPEC + countries agreed to extend the agreement until the end of 2022, while the base level of production for some countries will change.

For Russia and Saudi Arabia, the base production level will be increased by 0.5 million bpd to 11.5 million bpd, for the UAE it will be increased from 3.17 to 3.5 million bpd, for Iraq – from 4.65 to 4.8 million, for Kuwait – from 2.8 to 2.96 million.

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