Uzbekistan, Russia, Saudi Arabia and Kazakhstan discuss situation on world oil markets
06/11/2017 11:52
Uzbekistan, Russia, Saudi Arabia and Kazakhstan discuss situation on world oil markets
06/11/2017 11:52
Tashkent, Uzbekistan (UzDaily.com) -- Deputy Prime Minister of Uzbekistan Alisher Sultanov, Minister of Energy of Russia Alexander Novak, Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid al-Falih and Kazakh Energy Minister Kanat Bozumbayev held talks on the sidelines of the 51st meeting of the CIS Electric Power Council in Tashkent.
The parties discussed the situation on the oil market. In particular, the parties considered restoration of the balance of supply and demand in line with the Declaration on Cooperation, which was signed by 24 OPEC member countries and non-OPEC countries, including three CIS countries - Azerbaijan, Kazakhstan and Russia, and also Saudi Arabia.
Representatives of Uzbekistan, Russia, Saudi Arabia and Kazakhstan expressed satisfaction with the decline in commercial oil reserves and expressed their readiness to continue joint efforts in this direction.
During the talks, Alisher Sultanov stressed importance of efforts to stabilize the market and ensure timely investments to ensure a sufficient supply of oil in the future. Positive consequences of these processes for the world economy and international trade were noted.
Thus, the restoration of equilibrium in the oil market is beneficial for both producers and consumers of oil.
The next meeting on the Declaration on Cooperation will be held in Vienna on 30 November, in which the fourth CIS country, Turkmenistan, will take part as an observer.
Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid al-Falih said after the meeting that Uzbekistan will also attend the meeting on the Declaration of Cooperation in Vienna as an observer.
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