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Riyadh, Moscow Stress Commitment to Reduce Oil Production

File: Saudi Energy Minister Abdulaziz bin Salman Al Saud and his Russian counterpart Alexander Novak
File: Saudi Energy Minister Abdulaziz bin Salman Al Saud and his Russian counterpart Alexander Novak
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Riyadh, Moscow Stress Commitment to Reduce Oil Production

File: Saudi Energy Minister Abdulaziz bin Salman Al Saud and his Russian counterpart Alexander Novak
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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Gold Steady as Focus Shifts to US Data for Economic Cues

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Steady as Focus Shifts to US Data for Economic Cues

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices were little changed on Monday, while investors awaited a slew of US economic data including the December nonfarm payrolls report for further guidance on the Federal Reserve's stance on interest rates.
Spot gold held its ground at $2,635.39 per ounce by 0510 GMT. US gold futures dropped 0.2% to $2,646.80.
How the US jobs data fares this week could hold the key to whether gold breaks out of its recent range, said Tim Waterer, chief market analyst at KCM Trade.
"There is a plethora of US data due for release this week (including ISM Services PMI data), and any downside misses could hurt the USD and help gold."
The US jobs report, due on Friday, is expected to provide more clues to the Fed's rate outlook after the US central bank rattled markets last month by reducing its projected cuts for 2025.
Investors are also awaiting ADP hiring and job openings data, as well as minutes of the Fed's last policy meeting for further direction.
Gold flourishes in a low-interest-rate environment and serves as a hedge against geopolitical uncertainties and inflation.
US President-elect Donald Trump is set to return to office on Jan. 20 and his proposed tariffs and protectionist policies are expected to fuel inflation.
This could prompt the Fed to go slow on rate cuts, limiting gold's upside. After three rate cuts in 2024, the Fed has projected only two reductions for 2025 due to persistent inflation.
The US central bank's benchmark policy rate should stay restrictive until it is more certain that inflation is returning to its 2% target, Richmond Federal Reserve President Thomas Barkin said on Friday.
Spot silver was down 0.2% at $29.57 per ounce, platinum dipped 0.7% to $931.30 and palladium fell 0.4% to $918.22.