Russian Energy Minister Alexander Novak and Saudi Arabia’s Minister of Energy, Industry and Natural Resources, Khalid bin Abdulaziz al Falih, agreed to continue consultations and to establish a joint working group to monitor the fundamental indicators and develop recommendations for measures to ensure the oil market’s stability and predictability.

Russia and Saudi Arabia agreed on joint measures and steps in cooperation with other oil producers to stabilize the market and ensure stable long-term investment, a joint declaration signed by the Russian and Saudi energy ministers stated according to Sputnik News Agency on Monday.

Russian Energy Minister Alexander Novak and Saudi Arabia’s Minister of Energy, Industry and Natural Resources, Khalid bin Abdulaziz Al Falih, noted the long-term challenges facing oil exporting countries. These challenges include capital spending cuts on exploration as well as mass cancellation or rescheduling of investment projects.

"In view of the above, the ministers noted the particular importance of constructive dialogue and close cooperation between the major producing countries in order to maintain stability in the oil market and sustainable investment in the long term," the joint statement reads.

Novak and Al Falih agreed to continue consultations and to establish a joint working group to monitor the fundamental indicators and develop recommendations for measures and joint actions to ensure the oil market’s stability and predictability, the statement adds