Khalid Al-Falih, Minister for Energy, Industry and Mineral Resources and the Deputy Prime Minister of Turkmenistan, Maksat Babayev, held a meeting in association with the Saudi Arabia-Turkmenistan committee, meeting in Riyadh today. The two Ministers discussed the current situation in the oil market, noting the ongoing rebalancing efforts and reduction in global inventory overhang. Both Ministers reiterated the importance of the historical agreement between OPEC and non-OPEC countries to curb production, and its role in maintaining market stability and encouraging investments in future supply. They also emphasized the boost for the global economy and international trade, benefiting consumers and producers alike. During the meeting, Deputy Prime Minister Babayev expressed his appreciation of the Kingdom's efforts in boosting the cooperation and investment opportunities between the two nations. He also announced Turkmenistan's intent to attend the Declaration of Cooperation meeting in Vienna on 30 November 2017 as an observer. Minister Al-Falih stated after the meeting: "I am delighted that Turkmenistan will be attending the upcoming Declaration of Co-operation meeting in Vienna as an observer. Cooperation between OPEC and non-OPEC countries is already helping to deliver market stability, and I commend Turkmenistan for their participation and support of this joint effort. I am confident it will lead to even closer cooperation and investment links between our two great countries". The meeting was also attended by Prince Faisal Bin Turki Bin Abdulaziz (Adviser to the Minister for Energy, Industry and Mineral Resources); Khalid Al Salem (Head of the Saudi Industry Property Authority); Ibraheem Assaadan (Vice President of Exploration, Saudi Aramco); and Adeeb Al Aama (Saudi Arabia Governor for OPEC).
