Saudi Minister of Energy, Industry and Mineral Resources Khalid al-Falih agreed with China’s energy chief Noor Bakri that the foundations of the global oil market are currently strong and that all parties should make joint efforts to ensure market stability.
Their conversion came during a phone call that the Saudi minister made to his Chinese counterpart to discuss the joint cooperation between the two countries in the field of energy and review the current situation in the global oil market.
Falih informed Bakri, the head of China’s National Energy Administration (NEA), of his ongoing consultations with his counterparts from major OPEC oil producers, including the Russian and UAE energy ministers.
Bakri said that as a major oil consumer, China will continue to monitor developments in the market and hopes that Saudi Arabia, in cooperation with other countries concerned, will be able to take more important steps to ensure adequate supply of crude oil and contribute to the stability of world’s oil prices.
The Saudi minister assured Bakri of Riyadh’s commitment to maintaining stability in the markets. He stressed that the Kingdom will work with other oil producing countries to ensure adequate supplies to compensate for any potential shortage of production and meet global demand.
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