Moscow, Riyadh to continue coordination within OPEC+ framework

# 21:43
4 March 2019

Russia and Saudi Arabia will continue coordinating steps on the global oil market within the framework of the OPEC+ oil production capping agreement, Russian Foreign Minister Sergey Lavrov said on Monday at a press conference, ONA reports citing TASS.

"We agreed to continue coordinating steps on the global oil market in the OPEC+ format, which has been established and functions successfully, largely owing to proactive efforts of Russia and the Kingdom of Saudi Arabia," Lavrov said.

"We discussed steps undertaken by our relevant agencies for coordination of major new projects in various spheres, including energy, peaceful use of nuclear power, industry, agriculture, and transport infrastructure," the Minister said.

The parties positively assessed the dynamics of trade and investment interaction and noted the intention to undertake efforts for its further growth, he added. "The trade is growing but we would like to increase these rates and discussed the whole range of specific steps in this direction," Lavrov noted.