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Riyadh, Moscow Stress Commitment to Reduce Oil Production

Riyadh, Moscow Stress Commitment to Reduce Oil Production

Friday, 17 April, 2020 - 05:00
File: Saudi Energy Minister Abdulaziz bin Salman Al Saud and his Russian counterpart Alexander Novak

Saudi Arabia and Russia stressed Thursday mutual commitment to reduce oil production over the next two years, noting that they would also monitor the oil market closely.


In a joint statement, the two countries said they were prepared to take further measures jointly with OPEC+ and other producers if necessary.


The statement followed a phone call between the Saudi Energy Minister Abdulaziz bin Salman Al Saud and his Russian counterpart Alexander Novak on Thursday.


This comes as part of their regular consultations on the oil market situation.


The two sides stressed that Saudi Arabia and Russia have worked diligently with other OPEC+ countries and other producers to achieve a historic agreement to stabilize the oil market.


"Both our nations are strongly committed to implementing the agreed target cuts over the next two years," the statement said.


"We are also confident that our partners in OPEC+ and other producers will live up to their commitments."


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