Minister of Petroleum and Mineral Resources of the Kingdom of Saudi Arabia Ali bin Ibrahim Al-Naimi and the Russian Energy Minister Alexander Novak co-signed here Thursday, on the sidelines of the current visit of the Deputy Crown Prince Mohammed bin Naif bin Abdulaziz, the Second Deputy Premier and Minister of Defense, an executive program for implementation of the petroleum cooperation agreement between the Kingdom of Saudi Arabia and the Russian Federation. Addressing the signing ceremony, Al-Naimi expressed happiness for meeting with the Russian Minister of Energy and signing the executive program of this important cooperation agreement, which, he said, will raise the level of cooperation between the two countries bilaterally or with respect to the international oil market, pointing out that it will also work to push this cooperation and coordination to a new stage, both at the bilateral level between the two countries or at the international level and ensures its continuity at all levels. "This, in turn. will lead to creating petroleum alliance between the two countries for the benefit of the international oil market as well as producing countries and stabilizing and improving the market", he said. On the international oil market conditions, Eng. Al-Naimi said, "I am optimistic about the future of the market in the coming months, in terms of the continuing improvement and increasing global demand for oil as well as the low level of commercial inventories which is expected to improve the level of prices."
