Russia, Saudi Arabia intend to expand cooperation in oil and gas, highlight importance of extending OPEC+ deal

MOSCOW. Dec 7 (Interfax) - Russia and Saudi Arabia intend to expand cooperation in oil and gas and stressed the importance of continuing the OPEC+ format to stabilize global energy markets, the two countries said in a joint statement following talks between their leaders - Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman Al Saud - in Riyadh.

In the field of energy, the two sides commended the close cooperation between them and the successful efforts of the OPEC+ countries in enhancing the stability of global oil markets. They stressed the importance of continuing this cooperation, and the need for all participating countries to adhere to the OPEC+ agreement, in a way that serves the interests of producers and consumers and supports the growth of the global economy.

In addition, Russia and Saudi Arabia agreed to expand cooperation in the oil and gas sector. In particular, this concerns procurement, supply and standardization of equipment, research and development services in the oil and gas sector, as well as petrochemicals.