Russia, Saudi Arabia against using geopolitical schemes on oil market

Russia and Saudi Arabia are against using geopolitical schemes on the oil market, Russia’s Foreign Minister Sergey Lavrov said on Friday following a meeting with Saudi Arabia’s Foreign Minister Prince Saud al-Faisal Al Saud.
“As for the situation in the oil market, we and Saudi Arabia share the position that pricing should be market-based,” Lavrov said. “Offer and demand are playing major role here."
Russia and Saudi Arabia call for prohibition of any actions linked with supplying oil from terrorist-controlled territories, the Russian foreign minister added. “We consider it necessary to take the decisions that would legally prohibit, criminalize any actions related to supplying oil from the territories that are controlled by terrorists, to the purchase of this oil and the use of the proceeds for financing terrorist activity,” the minister said.
Speaking about the prospects of reaching an agreement on the Iranian nuclear program, Lavrov said diplomats should correctly put together all existing components and display political will.
The quality of an agreement on Iran’s nuclear problem is important for Russia, he stressed. “We’ve always said the quality of the agreement, and not the term for reaching, it is important for us,” Lavrov noted.