A Saudi-Russian statement expresses satisfaction with signs of improving oil demand


          The two sides stressed commitment to the stability of oil markets            </p><div>

          <p>The Saudi and Russian energy ministers expressed their confidence in implementing the OPEC + commitments.

A joint statement stated that the Saudi and Russian energy ministers had a telephone conversation as part of ongoing consultations on oil market developments. They said that Saudi Arabia and Russia are strongly committed to achieving market stability and accelerating the rebalancing of the oil market. They added that they are confident of the full alignment of the “OPEC +” partners with the goals and their compliance with the “OPEC +” agreement.

This came during a telephone conversation held by Prince Abdulaziz bin Salman, the Saudi Energy Minister, with his counterpart in Russia Alexander Novak, in the framework of their continuous consultations on developments in the global oil market.

At the conclusion of the consultations, they issued the following joint statement:

“Our countries remain fully committed to achieving the goal of stabilizing global oil markets and accelerating the rebalancing of them.

We are fully confident that our partners in the (OPEC Plus) agreement are fully compatible with these goals, and that they will continue to abide by the (OPEC Plus) agreement. In this regard, we would like to pay a special tribute to the efforts of producers from all over the world who have voluntarily adjusted their production quantities out of a sense of shared responsibility.

We would also like to express our 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 concern about storage restrictions, at a time when many countries around the world have begun to ease Strict closure procedures.

The Russian Energy Minister also welcomed the significant additional production cuts that the Kingdom initiated to adopt voluntarily, as well as the steps taken by the United Arab Emirates and Kuwait, which support the Kingdom’s efforts, indicating that these steps are an ideal model for effective, welcome, and necessary measures Also, to accelerate the rebalancing of the global oil market.


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