Saudi Arabia, Russia reaffirm commitment to oil market stability

Saudi Arabia and Russia are firmly committed to achieving oil market stability and expediting the rebalancing of the market, the energy ministers of the two countries said in a joint statement on Wednesday.

The statement was issued after Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz, and his Russian counterpart Alexander Novak held a phone conversation as part of their continuing consultations on oil market developments, Saudi Press Agency (SPA) reported.

OPEC+ partners are fully aligned to comply with the OPEC+ agreement, the statement said, commending the efforts of responsible oil producers around the world who willingly adjusted their production.

The ministers further noted that they were pleased with the recent signs of improvements in economic and market indicators, primarily the growth in oil demand and the ease in concerns about storage limits after many countries begin to emerge from their stringent lockdowns.

In addition, Novak welcomed the additional voluntary substantial production cuts made by Saudi Arabia and the steps taken by the United Arab Emirates and Kuwait to support the Kingdom’s efforts.

“These actions would help expedite the rebalancing of the oil market,” he noted.