UAE Calls on Oil Producers to Join Moscow-Riyadh Efforts to Stabilize Prices

MOSCOW (Sputnik) — The United Arab Emirates calls on oil-producing states to join efforts of Russia and Saudi Arabia to stabilize oil prices on the international market, the country's energy minister told Sputnik on Monday.

"The cooperation between the Kingdom of Saudi Arabia and Russia has been great, these are two largest producers. I think both of them are keen to have a market stabilization and we need to help them, everyone needs to do their part to help… for any joint agreed decision," Suhail Mohammed Faraj Mazroui said.

In early September, Russian Energy Minister Alexander Novak and his Saudi counterpart Khalid bin Abdulaziz Al Falih agreed to take joint actions to try to stabilize the oil market and to ensure stable long-term investment. The agreements provide that the sides will establish a monitoring group to track oil market indexes and to give recommendations on market regulation.

UAE "Optimistic" About Upcoming OPEC Oil Talks in Algiers

The United Arab Emirates’ energy minister said Monday he was optimistic about the outcome of the Organization of the Petroleum Exporting Countries (OPEC) informal meeting in Algeria.

"I'm optimistic by nature and I'm waiting for the meeting to have a consultation with my colleague ministers," Suhail Mohammed Faraj Mazroui said.

An informal meeting of OPEC oil producers is scheduled to take place on the sidelines of an energy forum in Algiers later this week. It is expected to be attended by the Russian energy minister.