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Saudi Arabia and Russia confirm commitment to oil market stability

Published by , Senior Editor
Hydrocarbon Engineering,

A joint statement from the Energy Ministers of Saudi Arabia and Russia has confirmed that the two countries are committed to achieving oil market stability and expediting a rebalancing of the market.

The joint statement from Prince Abdulaziz bin Salman bin Abdulaziz and Alexander Novak read: “Our two nations remain firmly committed to achieving the goal of market stability and expediting the rebalancing 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. We would like to especially commend 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.”

Alexander Novak also welcomed the additional voluntary substantial production cuts made by Saudi Arabia and the steps that UAE 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 rebalancing of the oil market.

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