Photo taken on Sept. 20, 2017 shows a scene of the eighth session of the Algerian-Russian Joint Committee in Algiers, Algeria. Algeria and Russia have contributed to stabilizing oil prices in world markets, Russian Oil Minister Alexander Novak said here on Wednesday. (Xinhua)
ALGIERS, Sept. 20 (Xinhua) -- Algeria and Russia have contributed to stabilizing oil prices in world markets, Russian Oil Minister Alexander Novak said here on Wednesday.
"The governments of the two countries have contributed to the stability of oil prices within the framework of cooperation between OPEC countries and non-OPEC members," said Novak in a speech at the opening of the eighth session of the Algerian-Russian Joint Committee.
The world market witness a sharp drop of oil prices since mid-2014. In December 2016, OPEC members and its non-OPEC partners reached an agreement in Vienna to work together to reduce production.
In addition, Novak stressed that both countries have common positions in the area of energy cooperation, which dates back to many years ago, and was strengthened through a joint working group on energy.
Algerian Finance Minister Abderrahman Raouya said at the session that the partnership between the two countries should be extended to other areas.
"We have to continue our joint work and expand it to other sectors and we hope to diversify our strategic partnership," said the minister.
Algeria and Russia have signed a strategic partnership in April 2001 in Moscow.
