Russia and Saudi Arabia reaffirm their commitment to the “historic agreement” on reducing oil production

Russian Energy Minister Alexander Novak and his Saudi counterpart, Prince Abdulaziz bin Salman, confirmed their countries ’commitment to a“ historic agreement ”on reducing oil production.

The Russian Energy Ministry stated that today, Thursday, Novak and Prince Abdulaziz bin Salman made a phone call “within the framework of periodic contacts regarding the situation in the oil markets”, where “both sides affirmed in a joint statement after the talks that Russia and Saudi Arabia had done a determined work with the aim of reaching an agreement The historicity with the OPEC countries and a number of other producers about stabilizing the oil market.

The two sides stressed “the commitment of both countries firmly to implement the agreed target reductions, and they will continue to monitor the oil market conditions closely”.

Novak and Bin Salman stressed that Russia and Saudi Arabia are “fully prepared to take any additional measures in partnership with OPEC Plus and other producers, if necessary”.

They also expressed the confidence of Russia and Saudi Arabia that the partners in the “OPEC +” agreement and other producers will implement their obligations to achieve the desired goals.

Within the framework of the “OPEC +” group, on April 12, OPEC member states and other major oil producing parties led by Russia agreed to reduce oil production by 9.7 million barrels per day in May and June, after a sharp drop in oil prices in global markets due to several factors, chief among them the outstripping supply of demand and the emerging Coronavirus pandemic.