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

Saudi Arabia and Russia have reiterated their commitment to maintain global oil market stability.

Saudi Arabia’s Minister of Energy Prince Abdulaziz Bin Salman and his Russian counterpart Alexander Novak have held a phone conversation as part of their continuing consultations on oil market developments, according to a joint statement issued by the energy ministers from both countries.

“Our two nations remain firmly committed to achieving the goal of market stability and expediting the re-balancing of the oil market.”

“We are confident that our partners within OPEC+ are fully aligned with our goals and they will comply with the OPEC+ agreement,” the ministers said.

They commended the efforts of responsible producers around the world who have willingly adjusted their production out of a sense of shared responsibility.

“We are also pleased with the recent signs of improvements in 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,” the ministers added.

Alexander Novak also welcomed the additional voluntary substantial production cuts made by Saudi Arabia and the steps that United Arab Emirates and Kuwait took to support Saudi efforts, noting that these actions are clear evidence of the determined actions that are highly welcomed and needed to help expedite the re-balancing of the oil market.