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72% Trade Volume Hike between Saudi, Russia in Q1 2019

72% Trade Volume Hike between Saudi, Russia in Q1 2019

Wednesday, 21 August, 2019 - 08:30
Riyadh- Fatehelrahman Yousif
Moscow affirmed holding strategic relations with Riyadh in all fields, revealing that the trade volume between Russia and Saudi Arabia during the Q1 2019 increased by 72%.

The office of Russian Energy Minister Alexander Novak told Asharq Al-Awsat that there was trade growth between the two countries from January to April 2019.

The volume of trade rose by 72%, reaching $ 505.2 million, compared to the same period last year.

“We have many points of intersection and mutual interests, as there is a certain mutual desire to boost cooperation in such fields as industry, peaceful use of atomic energy, innovation, the space sector, and agriculture,” Novak’s office stated.

Energy Ministers noted the importance of increasing cooperation especially in promising sectors and pointed to the inking of agreements in previous meetings. Both sides also voiced their support for the currently shared technical cooperation in the fuel and energy sectors.

Novak’s office also confirmed Moscow and Riyadh’s commitment to efforts spent by OPEC and non-OPEC oil-producing countries to stabilize global oil market and reduce volatility.

It also noted the importance of joint efforts to stabilize the market, stressing the determination of producers to ensure stability, predictability, and gradual development of the market.

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