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Saudi-Russian Agreement on Further Oil Coordination

Saudi-Russian Agreement on Further Oil Coordination

Thursday, 28 May, 2020 - 07:30
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas U.S. August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford/File Photo
Moscow- Asharq Al-Awsat

Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman, in a phone conversation, have agreed to further “close cooperation” on oil output restrictions and reaffirmed the importance of the OPEC+ agreement, the Kremlin announced.

A statement issued by the media office of the Russian presidency stated that Putin and the Crown Prince exchanged views on the situation in the global energy market.

It said they both noted the importance of joint efforts aimed at reaching the agreements within the OPEC+ group in April on oil production curbs.

The statement added that the two sides also agreed to continue intensive coordination between their countries’ ministries of energy.

Putin and Prince Mohammed bin Salman’s discussion also touched on a number of common interest topics that involve Russian-Saudi cooperation.

The statement added that Putin congratulated the Saudi Crown Prince on the occasion of Eid al-Fitr holiday.

OPEC and other large oil producers led by Russia agreed last month to cut their combined oil output by almost 10 million barrels per day in May and June to tackle the sluggish oil market, which has been hit by overproduction and the coronavirus pandemic.

The OPEC+ group is due to hold an online conference in the second week of June to discuss their further policy.

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