Russia’s Novak, Saudi’s Prince Abdulaziz did not discuss oil price dynamics – reports

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FILE PHOTO: Russian Energy Minister Alexander Novak adjusts glasses during a meeting chaired by Prime Minister Dmitry Medvedev in Astrakhan, Russia August 30, 2019. Sputnik/Dmitry Astakhov/Pool via REUTERS

MOSCOW (Reuters) – Russian Energy Minister Alexander Novak said on Wednesday that he and Saudi Arabia’s newly-appointed energy minister, Prince Abdulaziz bin Salman, did not discuss oil price dynamics at their meeting on Tuesday, Russian news agencies reported.

Novak also said the current oil price <O/R> was determined by the market, according to the reports. He added that he and Prince Abdulaziz discussed cooperation within the alliance between OPEC and non-OPEC members.

“Of course, we talked about prices as well, but did not discuss issues related to the need to change something about the prices. The prices are defined by the market, our task is to look after the implementation of the deal and market fundamentals,” Novak was quoted as saying by Interfax news agency.

Novak travelled to Saudi Arabia on Tuesday to meet Prince Abdulaziz.

Reporting by Maria Kiselyova; writing by Vladimir Soldatkin; editing by Tom Balmforth

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