Russia confirms its close oil cooperation with Saudi Arabia and OPEC+

The Novokuibyshevsk oil refinery plant, Samara region, Russia.
The Novokuibyshevsk oil refinery plant, Samara region, Russia.

The Russian Energy Ministry said it continues to cooperate withSaudi Arabia, OPEC and non-OPEC oil producers to improve market stability andpredictability.

"The rapid recovery of production capacity in Saudi Arabiafollowing the drone attacks again highlights the professionalism andreliability of the industry's biggest producers," the ministry said.

The ministry added, "Russia continues to actively cooperate withSaudi Arabia and OPEC+ partners to improve market stability and predictability".

The OPEC+ alliance is known as an alliance of OPEC members andother major producers, including Russia. Since January, this alliance has beenimplementing an agreement to cut production by 1.2 million bpd to support themarket.

The deal expires in March 2020 and producers meet to review policyon December 5 and 6.

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