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Russia and Saudi Arabia’s energy ministers agreed to stabilize the oil market.
In a telephone conversation on Wed., Russia’s Minister of Energy Alexander Novak and his Saudi Arabian counterpart Abdul Aziz Bin Salman pointed to the necessity of stabilizing oil market and emphasized the need for the implementation of commitments agreed in OPEC plus by its members.
For this purpose, they issued a joint statement regarding the developments of oil market.
The two sides also stressed that OPEC plus member states are fully aligned with the objectives agreed in this regard and fulfill their commitments to stabilize the market.
This is while that Saudi Arabia, after an oil war with Russia, which had major economic consequences for Russia, called on OPEC member states, Moscow and OPEC Plus to comply with reducing oil output and even reduce oil more than the agreed level.
Saudi Arabian government announced that it will comply with reducing oil output to support stability of oil markets.
Concurrent with the spread of the coronavirus global pandemic and reduced demand for oil in international market, the global price of oil faced an unprecedented fall in 2020.
According to the informed sources, OPEC Plus member states will hold a meeting in June via videoconference.
