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Oil prices "down cycle" close to end - Saudi Min.

RIYADH, Oct 23 (KUNA) -- The GCC states share a view that the current cycle of falling oil prices is close to an end, said Saudi Minister of Energy, Industry and Mineral Resources Khalid Al-Falih, pointing to noticeable improvements on the market.
Addressing a press conference with his counterparts from Russia Alexander Novak, and Qatar Mohammad Al-Sada, in Riyadh Sunday, Al-Falih voiced optimism over the future of oil markets.
"We are optimistic that oil prices will continue to improve in the future," the minister said, after a meeting for the GCC Ministers of Oil and Energy with Novak.
Though fluctuations of oil prices affect the GCC countries, the bloc remains the world's strongest, thanks to the tremendous reserves of the crude it owns, Al-Falih noted.
According to the Saudi minister, the GCC members had an influential role in the OPEC meeting in Algeria last month, adopting common stances for their interests, and for the good of the global economy.
Meanwhile, Al-Falih referred to substantial convergence between the Kingdom and Russia in terms of economic cooperation, especially oil and energy. He pointed to the MoU for technical cooperation in the field the two countries signed on the sidelines of the last G20 summit in China.
The minister referred to the GCC-Russia meeting in Riyadh today as "fruitful," saying the two sides exchanged views and crystalized a common vision on the OPEC and non-members meeting slated for late November.
For his part, the Russian minister voiced Moscow's support to the measures being taken to bring back stability to global oil market.
For Novak, the market is improving, though at a slow pace, which prompts speeding up further steps to achieve the goal.
Referring to the 35th meeting of the GCC Petroleum Cooperation Committee in Riyadh earlier Sunday, Qatar's Al-Sada said that the ministers had concluded understandings on oil and energy topics, pointing to the responsibility of the GCC states toward the world's energy market, namely providing crude and gas supplies for consumption.
Al-Sada stressed the fact that the GCC considers interests of producers and consumers, saying that they had agreed with the Russian counterpart on the necessity of joining efforts for steps to restore stability to the market as soon as possible. (Pick up previous) yms.ad.msa