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

The Novokuibyshevsk oil refinery plant, Samara region, Russia.

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

“The rapid recovery of production capacity in Saudi Arabia following the drone attacks again highlights the professionalism and reliability of the industry’s biggest producers,” the ministry said.

The ministry added, “Russia continues to actively cooperate with Saudi Arabia and OPEC+ partners to improve market stability and predictability”.

The OPEC+ alliance is known as an alliance of OPEC members and other major producers, including Russia. Since January, this alliance has been implementing an agreement to cut production by 1.2 million bpd to support the market.

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