Saudi Arabia, Russia to Continue Working on Balancing the Oil Market Published December 21st, 2020 - 11:30 GMT
There will also be greater cooperation in industry, space, information and communication technologies, urban development, finance and banking, transport, education and culture, they said. (Shutterstock)
Highlights
Both ministers agreed on the importance of strengthening cooperation between the relevant authorities in oil and gas, electricity, energy efficiency and alternative energy, and providing support to overcome any challenges facing this cooperation.
Saudi Arabia and Russia confirmed on Saturday that they would continue to work on balancing the oil market and stressed the importance of cooperation among OPEC and non-OPEC countries.
× A man looks at his mobile phone as he stands amongst 300 tents set-up in La Place de la Republique for the start of a night of Solidarity organised by Collectif Requisitions to highlight the plight of the homeless in central Paris March 25, 2021- AFP
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The KAFT Conference Centre is seen during the Noor Riyadh light and art festival, by the Royal Commission for Riyadh City on March 20, 2021. - (Photo by TASNEEM ALSULTAN / NOOR FESTIVAL / AFP)
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Shots of the Sputnik V Covid-19 vaccines seen at the Ministry of Health Sabha Al Harazeen clinic, in Al Shejaeiya neighborhood, in the east of Gaza City, 17 March 2021. . EPA/MOHAMMED SABER
OPEC+ will react faster, be more hands-on with oil market, Saudi, Russian officials say
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Saudi Energy Minister met in Riyadh on Saturday with Russian Deputy Prime Minister December 20, 2020
OPEC+ will react faster to changes and take a more hands-on approach with the oil market, thanks to its accelerated schedule of monthly meetings, according to Russia and Saudi Arabia, the group’s leaders.
More frequent OPEC+ conferences mean policy makers in oil-producing countries will drive the market in the coming months, not speculators, said Saudi Energy Minister Prince Abdulaziz bin Salman. He spoke to reporters after talks in Riyadh on Saturday with Russian Deputy Prime Minister Alexander Novak.
Israel Shares Drop Most in Region; Dubai Stocks Rally: Inside EM
Bloomberg 12/20/2020
Equities in Dubai advanced on Sunday amid optimism over a rebound in tourism, while the main index in Israel slumped. Saudi stocks gave up early gains, but are still on track to be the Middle East’s best performers in 2020.
Gauges in Dubai, Bahrain, Qatar and Egypt rose between 0.3% and 1%, while those in Saudi Arabia, Abu Dhabi, Kuwait and Israel slipped. The volume of shares traded in all markets was below the 30-day average ahead of the holiday season. The main index in Riyadh gained as much as 0.6% before ending 0.3% lower.