Saudi, UAE energy ministers discuss global oil market

Saudi, UAE energy ministers discuss global oil market
Saudi Minister of Energy, Industrial and Mineral Resources Khalid Al-Falih. (AFP)
Updated 18 May 2018

Saudi, UAE energy ministers discuss global oil market

Saudi, UAE energy ministers discuss global oil market
  • They agreed to continue their consultations and to closely monitor the oil market

JEDDAH: Saudi Arabia’s Energy Minister Khalid Al-Falih had a telephone conversation on Thursday with the UAE’s Energy Minister Suhail Al-Mazrouei, during which they discussed recent developments in the global oil market.

The two ministers voiced 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 with other producers, as well as with major consumers to ensure market stability.

They renewed their commitment to security of supply, and to work toward the interest of consumers and the health of the global economy. AN Jeddah

The ministers agreed to meet jointly with the Russian Minister of Energy, Alexander Novak, in St. Petersburg next week on the sidelines of the St. Petersburg International Economic Forum to continue the consultations.

UAE Energy and Industry Minister Suhail Al-Mazroo’e, who is also the current OPEC chairman