Environment & Energy | Saturday 26 May, 2018 5:30 am |

Saudi Arabia’s Minister of Energy, Industry and Mineral Resources Energy Khalid Al-Falih telephoned China’s Minister of National Energy, Noor Bakri, to discuss the joint cooperation between the two countries in the field of energy and review the current situation in the global oil market.

The two ministers agreed that the foundations of the global oil market are currently strong and that all parties should make joint efforts to ensure market stability, Saudi state TV Al-Ekhbariya reported.

Al-Falih informed Bakri of his ongoing consultations with his counterparts from major OPEC oil producers, including the Russian Minister of Energy and the Minister of Energy of the UAE.

As a major oil consumer, China will continue to monitor developments in the market and hopes that Saudi Arabia, in cooperation with other countries concerned, will be able to take more important steps to ensure adequate supply of crude oil and contribute to the stability of world’s oil prices.

The Saudi minister assured Bakri of the Kingdom’s commitment to maintaining stability in the markets. He stressed that the Kingdom will work with other producing countries to ensure adequate supplies to compensate for any potential shortage of production and meet global demand.