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Saudi Energy Minister His Royal Highness Prince Abdulaziz bin Salman Al-Saud and his Russian counterpart Alexander Novak reaffirmed their respective countries’ firm commitment to maintaining the stability of the global oil markets.
The two ministers held a call today during which they underlined their countries’ joint consultations regarding latest developments in the global oil market.
They issued a joint statement expressing their confidence that the OPEC Plus partners would comply fully with the agreed goals to continue their commitment to the deal. T
They commended the efforts exerted by the oil-producing countries in the to voluntarily re-adjust their crude oil output out of their sense of shared responsibility.
They expressed satisfaction over signs of improving economic and market indicators, especially those related to the growth of oil demand and the decline in anxiety about storage restrictions at a time when many countries around the world have begun to ease the strict COVID-19 lockdown procedures.
The Russian minister welcomed the additional large production cuts that Saudi Arabia initiated to adopt voluntarily, as well as the steps taken by Kuwait and the United Arab Emirates that support the Kingdom’s effort.
