Russia and Saudi Arabia are ready to reduce oil prices to a reasonable limit

Russia and Saudi Arabia are ready to join their efforts to reduce the oil prices to a reasonable limit.

The sides agreed to such course of action during the talks between Russian Energy Minister Igor Yusufov and Saudi Minister of Petroleum and Mineral Resources Ali Al-Nuaimi in Al-Riyadh.

According to Saudi SPA news agency, both ministers underlined "the need to restore the stability on the oil market and to ensure that the prices do not exceed the level that might negatively affect the global economic growth." Referring to a source from the Russian delegation, the SPA reported that the reasonable level is expected to be lower than $28 dollars per barrel.

The ministers agreed that the countries have to take immediate measures in order to avoid the shortage of oil supplies on the world market. In his interview with the Saudi newspaper Ash-sharq Al-awsat, Igor Yusufov mentioned that both Russia and Saudi Arabia could make up for the deficit created by the events in Venezuela.

Igor Yusufov started his official visit to Saudi Arabia on Sunday. He met with the Saudi Crown Prince Abdullah bin Abd al-Aziz and gave him a personal message from Russian President Vladimir Putin covering bilateral cooperation in various spheres, the situation on the global oil market and the situation in the Persian Gulf area.

Earlier, the Russian Energy Minister held talks with the Saudi Foreign Minister Prince Saud Al-Faisal, who is also heading the committee on foreign investments in the sphere of oil industry. In addition, he met with Minister of Finance and National Economy Ibrahim Al-Assaf and Minister of Petroleum and Mineral Resources Ali Al-Nuaimi.