Saudi Arabia, UAE, Russia to discuss oil supplies following US withdrawal from JCPOA

Fri 18 May 2018 05:36 GMT | 09:36 Local Time

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The Ministers agreed to meet jointly with Alexander Novak in Saint Petersburg next week on the sidelines of the Saint Petersburg International Economic Forum to continue these consultations.

Saudi Arabia's Minister of Energy, Industry and Mineral Resources Khalid al-Falih and UAE Minister of Energy and Industry Suhail al Mazroui plan to discuss with Russia’s Energy Minister Alexander Novak oil supplies in connection with the US withdrawal from the nuclear agreement with Iran (the Joint Comprehensive Plan of Action (JCPOA)). This is according to a statement by the UAE Ministry of Energy.

"The two Ministers voiced their 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 and with other producers within established mechanisms, as well as with major consumers to ensure market stability. The two Ministers renewed their commitment to security of supply and to work towards the interest of consumers and the health of the global economy. The Ministers agreed to meet jointly with the Russian Minister of Energy, Alexander Novak, in Saint Petersburg next week on the sidelines of the Saint Petersburg International Economic Forum to continue these consultations," the statement said.

St. Petersburg International Economic Forum will be held on May 24-26, 2018.

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