Russia and Saudi Arabia are considering new oil and gas projects, Russia’s Energy Ministry, Alexander Novak, told Saudi Al Ekhbariya TV on Tuesday following his meeting with Saudi counterpart Khalid Al-Falih.

Both countries are also aiming to boost cooperation in other fields, such as the establishment of joint research and development centers, and exchange of technology.

 

Novak admitted there was a possibility that oil prices could rise, adding that Russia’s cooperation with the Kingdom aims to rebalance the market as soon as possible and cut old oil inventories.

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