MOSCOW, June 10 (Xinhua) -- Saudi Arabia and Russia work on a bilateral basis as well as with other producing countries to prevent oil prices from plunging, visiting Saudi Arabian Minister of Energy, Industry and Mineral Resources Khalid Al-Falih said here Monday.

"We work to prevent such a decline in prices, which could negatively affect the interests of both consumers and producers," Al-Falih said at a joint press conference with Russian Energy Minister Alexander Novak.

The news briefing followed the 6th session of the Russian-Saudi Arabian intergovernmental commission on trade, economic, scientific and technological cooperation.

Novak said that there are big risks of oil overproduction and the possibility of prices declining.

An assessment of the situation is needed so that oil producers could make a balanced decision at a meeting scheduled for July in Vienna on whether to extend oil cuts to keep prices stable, he added.