Saudi energy ministers, Russia and Algeria praise the plan to reduce crude oil production

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The energy ministers of Saudi Arabia, Russia and Algeria praised the decision of the oil producers in the (OPEC +) alliance to extend the standard production cuts for an additional month, which is next July, considering that this decision will support the restoration of balance and stability in the oil market, which suffers from the effects of the Corona pandemic..

This came in a meeting via the technology (video conference) managed by the Organization of Petroleum Exporting Countries (OPEC) with the participation of Saudi Energy Ministers Prince Abdulaziz bin Salman, Russian Alexander Novak and Algerian Muhammad Arqab alongside Mohamed Barkindo, Secretary-General of OPEC and in the presence of representatives of the international media .

The Saudi Minister of Energy said that the Kingdom will suffice with the application of additional voluntary reductions of one million barrels per day for the current month of June alone, which amounts to one million barrels per day due to the high local demand in the summer months, but it will fulfill all the obligations to reduce production according to the OPEC + agreement, which amounts to 9.7 million barrels per day. .

For his part, the Russian Energy Minister said that his country is committed to working with OPEC in order to achieve market stability after the current violent crisis .

For his part, Algerian Minister of Energy Mohamed Arqab and President of the (OPEC) Conference stressed that the organization will coordinate with all industry parties to support cooperation between producers and consumers for the benefit of the global economy .

In turn, Mohamed Barkindo praised the decision of the producers to hold the ministerial meeting of the committee to monitor production cuts on a monthly basis to assess the market situation on an ongoing basis and provide appropriate recommendations to revive the global crude oil industry. .

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