Saudi Energy Minister Khaled Al-Falih held talks Monday with US Energy Secretary Rick Perry.
The two officials discussed the “state of the oil market” and energy cooperation between the two countries during a meeting in eastern Dhahran city, Al-Falih said on Twitter.
He added that the talks also touched on the Kingdom’s efforts to develop technologies to reduce carbon emissions and to promote energy efficiency and opportunities for technical cooperation between the two countries.
He noted that he informed Perry of Saudi Arabia’s keenness to preserve market stability.
The meeting comes after OPEC and independent oil producers resisted pressure from US President Donald Trump to keep oil prices down by refraining from cutting production.
Meanwhile, UAE Energy Minister Suhail bin Mohammed Al Mazrouei said on Monday that an agreement to reduce the supply of OPEC and independent producers would be signed within three months in Saudi Arabia.
“The declaration of co-operation will be used as a base and will be hopefully finalized in the next three months,” Al Mazrouei told reporters in Abu Dhabi.
“Saudi Arabia has kindly offered to host the summit to sign the [declaration],” he added.
On the other hand, he stressed that Qatar’s exit from OPEC would not affect the continuation of production.
OPEC and its Russian-led allies agreed on Friday to cut production by 1.2 million barrels per day as of January.
OPEC has agreed to cut production by 800,000 barrels a day, led mainly by Saudi Arabia, while non-OPEC producers will reduce their supply by 400,000 bpd and Russia will bear the bulk of the cut from outside the Organization.
