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UAE: All countries agree to stick to OPEC+ deal - Russian Energy Minister Novak

United Arab Emirates, Abu Dhabi
September 12, 2019 at 14:58 GMT +00:00 · Published

The energy ministers of Saudi Arabia and Russia held a joint press conference closing the 24th World Energy Congress in Abu Dhabi on Thursday.

Russian Energy Minister Alexander Novak said all participants "agreed to stick to the full implementation of the agreement" signed by OPEC and allies to cut oil production and boost the market in December 2018.

"We have all the necessary instruments to quickly react if the market is facing difficulties," Novak added.

Saudi Arabian Energy Minister Abdulaziz bin Salman Al Saud said the meeting was "productive," "fruitful" and "transparent" before adding that Russian Energy Minister Alexander Novak and himself "have awakened up to a new reality."

The World Energy Congress has been taking place since 1924, and is considered as one of the world's largest energy forums.

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Description

The energy ministers of Saudi Arabia and Russia held a joint press conference closing the 24th World Energy Congress in Abu Dhabi on Thursday.

Russian Energy Minister Alexander Novak said all participants "agreed to stick to the full implementation of the agreement" signed by OPEC and allies to cut oil production and boost the market in December 2018.

"We have all the necessary instruments to quickly react if the market is facing difficulties," Novak added.

Saudi Arabian Energy Minister Abdulaziz bin Salman Al Saud said the meeting was "productive," "fruitful" and "transparent" before adding that Russian Energy Minister Alexander Novak and himself "have awakened up to a new reality."

The World Energy Congress has been taking place since 1924, and is considered as one of the world's largest energy forums.

W/S Minister of Energy of Saudi Arabia Abdulaziz bin Salman al-Saud and Minister of Energy of Russia Alexander Novak arriving at press conference, Abu Dhabi

M/S Al-Saud and Novak

M/S Audience

SOT, Alexander Novak, Minister of Energy of Russia (Russian): "The only thing that I would like to draw your attention to - it looks very important to me and it is something that needs to be stressed - is that we again agreed to stick to the full implementation of the agreement by all participants of the treaty who signed it in December 2018. And it's very important that everyone fully honours their commitments."

C/U Sign reading "The Russian Federation"

W/S Press conference in progress

C/U Sign

SOT, Abdulaziz bin Salman Al Saud, Minister of Energy of Saudi Arabia: "I cannot think of a better meeting I've ever had or been part of, the GMCC, than this one. It was productive, it was fruitful, it was transparent. And more important I think every participant did see that there is a role to play and a way to improve this endeavour. I will also say that myself and my colleague, most honourable colleague Mr. Novak, have awakened up to a new reality." *BACKGROUND NOISE AT SOURCE*

M/S Photographers

W/S Press conference in progress

SOT, Abdulaziz bin Salman Al Saud, Minister of Energy of Saudi Arabia: "We profoundly respect the contribution that the countries that [are participating[ are making. We value their contribution and they are as equal as we are. We as Saudi Arabia, I have taken the permission of my colleague also to share the name of Russia." *BACKGROUND NOISE AT SOURCE*

C/U Camera

SOT, Alexander Novak, Minister of Energy of Russia (Russian): "We are ready to react to the market's demands as they occur. But today we are not ready to announce any decisions. We agreed that we are monitoring the situation. However, we have all the necessary instruments to quickly react if the market is facing difficulties."

W/S Press conference in progress

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