Saudi Energy Minister Prince Abdulaziz bin Salman and Russian counterpart Alexander Novak affirmed on Wednesday their countries’ fully committed to achieving stability in the global oil markets.
In a joint statement after a phone call to discuss continuous consultations on the latest developments in the global oil market, the two ministers expressed confidence that the OPEC Plus partners are fully compatible with the agreed goals and that they will continue their commitment to the deal.
They also praised the efforts of producers from all over the world who have voluntarily adjusted their production quantities out of their sense of shared responsibility.
They expressed their satisfaction with the signs of improvement that have recently appeared on 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 efforts.
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