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Perry encourages Saudi Arabia, OPEC and Russia to prevent the oil price from rising

Perry encourages Saudi Arabia, OPEC and Russia to prevent the oil price from rising

MOSCOW (Reuters) – Saudi Arabia and other members of the OPEC and Russia deserve credit for preventing a jump in oil prices, Energy Secretary Rick Perry told journalists after meeting with his Russian colleague Alexander Novak in Moscow.

US sanctions on the Iranian energy sector, which comes into force in November, have already reduced stocks from Iran to a two-year low because Venezuela and the sudden layoffs in other regions have a fragile balance between supply and demand held, according to the International Energy Agency (IEA).

"The kingdom, the OPEC members who adjust their production to save the world's citizens a rise in oil prices … deserve respect and recognition, and Russia is one of them," Perry said on Thursday.

Perry said the United States, Russia and Saudi Arabia are working together to keep energy prices affordable in the world.

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