Saudi Arabia, Russia committed to oil market stability: Energy ministers

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Saudi Arabia and Russia are committed to maintaining oil market stability, according to a joint statement issued by the energy ministers from both countries.

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz and his Russian counterpart Alexander Novak spoke on the phone on Wednesday, reported the official Saudi Press Agency (SPA).

“Our countries remain fully committed to achieving the goal of stabilizing global oil markets, and accelerating their rebalancing,” the SPA quoted the ministers as saying.

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Confident in OPEC+

The also voiced the support for the OPEC+ oil price cut agreement and said they were confident their partners would continue to abide by the agreement.

Many of the world’s leading oil producers struck a historic oil output cut deal in early April to reduce their output by more than 20 percent. The deal took effect on May 1, but Saudi Arabia and other major producers have since announced further cuts to production in a bid to support markets and avoid global oil storage space running out.

Russia welcomed Saudi Arabia's voluntary additional production cuts, said Novak.

“We would also like to express our satisfaction with the signs of improvement that have recently appeared on economic and market indicators, especially the growth in oil demand and the ease in concerns about storage limits as various countries around the globe begin to emerge from their stringent lockdowns,” added the ministers in a statement.

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