Hangzhou – Saudi Arabia and Russia, the world’s biggest oil producers, agreed on Monday to work together to achieve stability of oil prices.
The agreement was reached following a bilateral meeting held on the sidelines of the G20 Nations Summit in the Chinese city of Hangzhou.
Saudi Energy Minister Khaled Al-Faleh and his Russian counterpart Alexander Novak announced in a joint statement on Monday that the two countries have noticed the importance of dialogue and cooperation between the two biggest oil producers to support oil market stability.
Russian Energy Minister Novak described the agreement as a new era in the Saudi-Russia cooperation.
The G20 Summit also saw an international agreement over the need to prevent protectionism and unfashionable concepts of free trade and globalization, as world leaders have called for an urgent reboot of the global economy.
Addressing the attendees at the end of the two-day summit, Chinese President Xi Jinping said: “We have agreed… to support the multilateral trade system and oppose protectionism.”
“G20 leaders all agreed that the risks and challenges facing the world economy make it crucial to maintain a peaceful and stable international environment,” he added.
Meanwhile, Deputy Crown Prince Mohammed bin Salman sent a cable of thanks to President Xi Jinping at his departure from the city of Hangzhou, where he headed the Saudi delegation to the Summit.
The deputy crown prince commended the positive results reached during the summit and the importance of decisions issued by international leaders, hoping that they contribute significantly to promoting solidarity and enhancing global economic growth rates.
Before leaving China, Prince Mohammed met with U.N. Secretary General Ban Ki-moon, Egyptian President Abdul Fattah Al-Sissi, French President Francois Hollande, German Chancellor Angela Merkel, South Korean President Park Geun-hye and President of Kazakhstan Nursultan Nazarbayev. He also held separate talks with Italian Prime Minister Matteo Renzi.