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OAPEC Member Countries
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Joint Press Conference for Saudi,
Qatari, and Russian Energy Ministers
HE Eng Khalid A. Al Falih,
Saudi Arabia’s Energy and Industry
Minister, HE Dr Mohammad bin
Saleh Al Sada, Qatar’s Minister
of Energy and Industry, and
HE Alexander Novak, Russia’s
Energy Minister, held a joint press
conference at the GCC headquarters
in Riyadh, KSA, on 23 October
2016 following the joint meeting
between the GCC and Russian
Energy Ministers.
In his speech, HE Al Falih
stressed the solidity of the economic
conditions in the GCC countries in
spite of the economic challenges
resulting from the sharp decline of oil
prices. He explained that oil markets
are currently recovering; however,
they still need serious measures and
sincere global efforts by major oil
exporters to accelerate the market
rebalance. He described the GCC-
Russian talks as fruitful and sincere
as there is agreement on many points.
On his part, HE Novak stressed
that the joint talks were serious.
The conveners reiterated their
commitment to full cooperation to
evaluate the oil market. He believed
that the oil market imbalance might
be a sign of bigger crises in the future
if it maintained the same pace. The
Minister reiterated the importance of
cooperation of all countries around
the world and their contribution
in providing urgent and effective
solutions to rebalance the energy
market.
Talking to the press, HE Dr
Al Sada has stated that the joint
meeting comes in pursuit to a
series of meetings. He added that
the oil market is now closest to
rebalancing although at a slow
pace. This situation has driven the
GCC Energy Ministers and their
Russian counterpart to meet in order
to take serious measures on finding
solutions and drawing a ‘roadmap’
to accelerate the rebalancing of the
oil market. The initiative has also
the consent of non- OPEC petroleum
exporting countries.
Stressing
economic
solidity in GCC
countries in
spite of the
sharp decline of
oil prices