Riyadh - Mubasher: Saudi Arabia and Russia share similar standpoints regarding oil production, after the extensive meetings between the two parties, Saudi minister of energy and mineral resources, Khalid Al-Falih said on Sunday.

Saudi Arabia has also started to play a role in coordinating between Russia and OPEC members that might be affected by the agreed output limitation, especially the GCC countries, he added in a press conference in Riyadh.

Al-Falih also emphasized that the GCC ministers have agreed that the drop in prices is almost over, and that the oil market is recovering, and its balance is improving in terms of supply in demand, which was reflected in 8 consecutive declines in the US crude stocks.

The Saudi oil minister also expressed a positive sentiment regarding oil prices, which will see a continuous rise according to Al-Falih.