OPEC-RUSSIA/LAVROV SAUDI ARABIA Russia says agrees with Saudi Arabia that oil prices should be market-driven

Record ID: 189554

  • Title: OPEC-RUSSIA/LAVROV SAUDI ARABIA Russia says agrees with Saudi Arabia that oil prices should be market-driven
  • Date: 21st November 2014
  • Summary: MOSCOW, RUSSIA (NOVEMBER 21, 2014) (REUTERS) VARIOUS OF RUSSIAN FOREIGN MINISTRY MANSION RUSSIAN FOREIGN MINISTER, SERGEI LAVROV, AND SAUDI ARABIAN FOREIGN MINISTER, PRINCE SAUD AL-FAISAL, WALKING INTO ROOM LAVROV AND AL-FAISAL SITTING AT TABLE JOURNALISTS VARIOUS OF LAVROV TALKING VARIOUS OF AL-FAISAL TALKING CAMERAMAN LAVROV TALKING (SOUNDBITE) (Russian) RUSSIAN FOREIGN MINISTER, SERGEI LAVROV, SAYING: "We also shared the opinion about the situation in the energy sphere, agreed to continue our cooperation in energy and on issues related to the condition of the oil markets." RUSSIAN AND SAUDI FLAGS (SOUNDBITE) (Russian) RUSSIAN FOREIGN MINISTER, SERGEI LAVROV, SAYING: "As far as the situation in the oil market, our and Saudi Arabia's position is that the price should be determined by the market, where supply and demand play a decisive role. And we and our Saudi partners are against the market being affected by some political or geopolitical schemes." CAMERAMAN LAVROV AT PODIUM
  • Embargoed: 6th December 2014 12:00
  • Keywords:
  • Topics: General
  • Reuters ID: LVA8Q8F6ZYLOWZ6IK6HKVQIDH77W
  • Story Text: Russian Foreign Minister Sergei Lavrov said on Friday (November 21) that Russia and Saudi Arabia agree that oil pricing should be based on a balance between supply and demand and that they oil producing countries are entitled to react adequately if they see that oil prices are artificially driven.
    Lavrov made the comments in a briefing to reporters following a meeting with Saudi Foreign Minister Prince Saud Al-Faisal in Moscow.
    "As far as the situation in the oil market, our and Saudi Arabia's position is that the price should be determined by the market, where supply and demand play a decisive role. And we and our Saudi partners are against the market being affected by some political or geopolitical schemes," Lavrov said.
    Russia's already weak economy has been hit by the falling price of oil, which together with natural gas generates half of state revenue.
    A price of at least $100 a barrel is needed to balance the government budget, and some experts say Russia may need oil prices to be as high as $115, because the budget has to cover increased social and military spending and compensate for sanctions over Ukraine that have cut Moscow off from Western financial markets.
    Before OPEC meets next week, Russia has already spoken to members Venezuela and Saudi Arabia about the need to support the oil market, and Moscow expects to send a high-ranking delegation to Vienna before the meeting to press the message on prices.


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