Saudi Oil Minister Discusses Oil Markets With Russia, Brunei

Saudi Arabian oil minister Ali al-Naimi discussed oil markets on Tuesday with Russia’s ambassador to Riyadh Oleg Ozerov, Saudi state news agency SPA reported.

In the meeting, which was attended by Naimi’s adviser Ibrahim al-Muhanna, Naimi and Ozerov exchanged views about recent oil market developments as well as ways to develop oil cooperation.

Naimi had a separate meeting with the ambassador of Brunei to Riyadh Dato Haji Abd Mokti Mohd Daud, and they held similar discussions, SPA reported.

Last week, Naimi said the kingdom stood ready to “improve” prices but only if other producers outside OPEC joined the effort.

OPEC agreed to maintain production at its meeting last November in spite of pressure to curb output and stabilise sliding prices, after discussions with Russia and Mexico ended without agreement.