The Minister of Petroleum and Mineral Resources Eng. Ali bin Ibrahim Al-Naimi met here today with the Head of Russian Federal Energy Agency and head of the Russian side at the Saudi-Russian Joint Committee Sergei Oganesyan. During the meeting, they discussed the situations in the oil market and the necessity of working together for the stability of the oil market including the increase in the producing capacity to meet the increasing world demand for oil during the coming years. In a statement to the Saudi Press Agency, Al-Naimi said that the Kingdom and Russia are considered the biggest oil producing and exporting countries in the world, noting that their total oil production represents nearly 25 percent of gross world production. Therefore, we should continually cooperate, coordinate and consult on various energy issues, he added. The Minister of Petroleum and Mineral Resources pointed out that there are other opportunities for cooperation between the two countries in the fields of petroleum and energy such as joint and mutual investment, noting that there are advanced industry in the two countries providing opportunities for cooperation and its expansion. He indicated that his meeting with the Russian official came within the framework of cooperation and coordination between the two countries, stressing that the discussions have been fruitful in the service of the two countries in all fields. The meeting was attended Prince Faisal bin Turki bin Abdulaziz, Advisor at the Ministry of Petroleum and Mineral Resources, a number of the Ministry's officials and the delegation accompanying the Russian official.
