The Minister of Energy, Industry and Mineral Resources of Saudi Arabia HE Khalid Al Falih, and Minister of Energy and Industry of the United Arab Emirates, and the President of the OPEC Conference HE Suhail Al Mazroui, discussed by telephone today recent developments in the global oil market. The two Ministers voiced their concerns about recent market volatility, fueled by anxiety over geopolitical events despite the availability of ample supply. They agreed to continue their consultations and to closely monitor the oil market and vowed to work together and with other producers within established mechanisms, as well as with major consumers to ensure market stability. The two Ministers renewed their commitment to security of supply and to work towards the interest of consumers and the health of the global economy. The Ministers agreed to meet jointly with the Russian Minister of Energy, Alexander Novak, in Saint Petersburg next week on the sidelines of the Saint Petersburg International Economic Forum to continue these consultations.
