Saudi-Russian tie-up supports energy market stability: Foreign Minister

Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan said Saudi-Russian cooperation supports global energy market stability and helps achieve a balance that reflects the interests of both producers and consumers.

Speaking during an official meeting with his Russian counterpart in Moscow, the minister said this cooperation has helped sustain global economic growth, in addition to strengthening cooperation in the economic, trade and investment fields.

He added that the cooperation also encompasses a wide range of political and economic issues.

The visit comes as the two countries mark the 100th anniversary of establishing diplomatic relations, the minister said. “We look forward to moving, in the second century of our relations, from cooperation in specific areas toward a broader, more diversified and sustainable partnership,” he stated.

Meanwhile, Russian Foreign Minister Sergey Lavrov said Russia will continue close coordination with Saudi Arabia within the OPEC+ alliance to balance supply and demand in global energy markets.

Speaking at a press conference with Prince Faisal bin Farhan, he added that such coordination is particularly important given the current circumstances.