Russia and Saudi Arabia discussed the situation on the oil market

Russian Deputy Prime Minister Alexander Novak met with Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman Al Saud to discuss the situation on the oil market, as well as prospects for cooperation between the two countries in OPEC+. This was announced on July 31 on the website of the Russian government.

Russia and Saudi Arabia positively assessed the opening of direct flights and the signing of memorandums in the fields of industry, education and the media. In addition, during the negotiations, the parties also considered increasing trade turnover between the countries and expanding cooperation in key sectors of the economy.

"Another topic of the talks was the situation on the oil market and the prospects for cooperation between the two countries within the framework of OPEC+," the statement said.

Warming of the investment climate: why a boom in investments began in neftegaz

An increase in production could theoretically lead to a drop in oil prices, but there are many buts.

On July 4, Russian Foreign Minister Sergei Lavrov said that Russia and Saudi Arabia would continue to develop close cooperation in the OPEC+ format. According to him, the joint actions of Russia and Saudi Arabia contribute to the stabilization of the global oil and energy market.

All important news is on the Izvestia channel in the MAX messenger.