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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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Oman LNG Delivers First Shipment to Shell

A glimpse of the first LNG shipment delivery to Shell at the industrial complex in Sur, Oman (Oman News Agency)
A glimpse of the first LNG shipment delivery to Shell at the industrial complex in Sur, Oman (Oman News Agency)
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Oman LNG Delivers First Shipment to Shell

A glimpse of the first LNG shipment delivery to Shell at the industrial complex in Sur, Oman (Oman News Agency)
A glimpse of the first LNG shipment delivery to Shell at the industrial complex in Sur, Oman (Oman News Agency)

Oman LNG on Tuesday announced the successful loading of its first liquefied natural gas (LNG) cargo to Shell under its new long-term agreements, marking a significant milestone in the company’s strategy to expand its global market reach and reinforce Oman’s position as a leading LNG supplier.
According to Oman News Agency, the ceremonial event took place at Oman LNG’s state-of-the-art facility in Sur, under the auspices of Salim al Aufi, Minister of Energy and Minerals, alongside senior officials from Oman LNG and Shell.
Aufi, in his remarks, emphasized the importance of this milestone, saying, “Today’s shipment is not merely a delivery but a testament to Oman’s commitment to energy security, global collaboration, and sustainable economic growth. It also reflects the strong partnership between Oman LNG and Shell, built on mutual trust and a shared vision.”

Shell, as the largest offtaker under these new agreements, plays a pivotal role in Oman LNG’s strategic plans for sustained growth and market expansion.

Oman LNG’s CEO, Hamad al Naamany, highlighted the significance of this shipment, saying, “We are embarking on a 10-year concession extension with market leaders in LNG and energy. Our growth is aligned with Oman’s vision and adapted to the evolving global energy market demands. Our partnership with Shell continues to thrive, contributing to Oman’s economic diversification goals.”