MOSCOW (Sputnik) — Rapprochement between Russia and Saudi Arabia may bring an agreement for oil price growth, the former head of the Colombian Petroleum Association told Sputnik.
"The oil industry contributes a fifth to [Colombia’s] current revenues, that is why rapprochement between Russia and Saudi Arabia should take place for prices to grow," Alejandro Martinez said.
According to Martinez, it would not be easy for Moscow and Riyadh to reach consensus.
Over 2015, oil prices have remained below $60 per barrel, with Saudi-led Organization of Petroleum Exporting Countries’ (OPEC) maintaining high rates of production. Market prices for crude benchmarks dropped to a 12-year low in mid-January, sliding below the historic level of $30 a barrel before starting to recover after January 20.
Earlier this week, Russia’s Energy Minister Alexander Novak met with the leaders of Russia's oil and gas sector to discuss possible coordination with the OPEC member states to put an end to the unfavorable state of the global oil market.
