Minister of Petroleum and Minerals Ali Al-Naimi left Moscow today after a two-day official visit to the Russian Federation during which he handed over a message for President Vladimir Putin from Custodian of the Two Holy Mosques King Fahd bin Abdulaziz. The message dealt with current international developments and their consequences on global oil prices. He also held discussions with Russian energy minister Igor Khanukovich Yusufov on the current situation of the international oil market and the role of both OPEC and non-OPEC members in maintaining fair oil prices for producers and consumers alike, and stressed the Kingdom's firm stance that oil prices be maintained in the range of U.S. $22 to $28 per barrel.
Meanwhile, Minister Al-Naimi met on Sunday at the Mexican Embassy in Madrid with the energy ministers of Mexico and Venezuela, Ernesto Martens and Alvaro Silva. In a joint communiqué, the ministers expressed their concern that the global oil market is showing a growing imbalance between supply and demand. This is a result, they said, of the slowdown in the world economy causing a drop in the demand for oil and stocks to build up rapidly; but it is also due to increased production by non-OPEC producers, and to the slow pace in implementing the latest supply agreement. They agreed that, in order to forestall further imbalances, effective measures are needed in order to bring supply in line with demand. Expressing their commitment to reduce the oversupply that exists, and stressing that full compliance with standing accords is essential to achieving stability, they agreed to pursue their dialogue with all major producers in order to reduce volatility and ensure market stability, for the benefit of both producers and consumers.