July 2015-E

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Volume 41 Issue 76
OAPEC Member Countries
KSA
ANewPhaseofSaudi-RussianPetroleumCooperation
​Minister of Petroleum and Mineral
Resources of the Kingdom of Saudi
Arabia HE Engineer Ali bin Ibrahim Al
Naimi and the Russian Energy Minister
HE Alexander Novak co-signed, on the
sidelines of the current visit of the Deputy
Crown Prince HRH Prince Mohammed
bin Naif bin Abdulaziz, the Second
Deputy Premier and Minister of Defense,
an executive program for implementation
of the petroleum cooperation agreement
between the Kingdom of Saudi Arabia and
the Russian Federation.
Addressing the signing ceremony, Al
Naimi said that meeting with the Russian Minister of
Energy and signing the executive programof this important
cooperation agreement will raise the level of cooperation
between the two countries and will have a positive impact
on the international petroleum market.
On the international oil market conditions, Eng.
Al Naimi said, “I am optimistic about the future of the
market in the coming months, in terms of the continuing
improvement and increasing global demand for oil as
well as the low level of commercial inventories which is
expected to improve the level of prices.”