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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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China Seeks to Bolster Ports and Aviation Hubs in Western Regions

The city skyline is reflected in a pool left on the dry riverbed of the receding Jialing river, a tributary of the Yangtze, that is approaching record-low water levels during a regional drought in Chongqing, China, August 20, 2022. (Reuters)
The city skyline is reflected in a pool left on the dry riverbed of the receding Jialing river, a tributary of the Yangtze, that is approaching record-low water levels during a regional drought in Chongqing, China, August 20, 2022. (Reuters)
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China Seeks to Bolster Ports and Aviation Hubs in Western Regions

The city skyline is reflected in a pool left on the dry riverbed of the receding Jialing river, a tributary of the Yangtze, that is approaching record-low water levels during a regional drought in Chongqing, China, August 20, 2022. (Reuters)
The city skyline is reflected in a pool left on the dry riverbed of the receding Jialing river, a tributary of the Yangtze, that is approaching record-low water levels during a regional drought in Chongqing, China, August 20, 2022. (Reuters)

China said on Sunday it would launch 15 measures to bolster the development of its western provinces with the construction of logistical infrastructure such as ports and aviation hubs.

The General Administration of Customs said the measures would enhance the integration of rail, air, river and sea links in China's west, state media reported.

The measures are to include enhancing international aviation hubs in cities including Chengdu, Chongqing, Kunming, Xi'an and Urumqi, while developing comprehensive bonded zones, and integrating these with ports and other transport links.

A number of ports would also be built and expanded.

China has long sought to bolster the economic heft of its western regions, which have markedly lagged coastal provinces.

China's western regions comprise around two-thirds of the country's land area and include regions such as Sichuan, Chongqing, Yunnan, Xinjiang and Tibet.

China's Politburo last year called for a "new urbanization" of western China to revitalize rural areas, expand poverty alleviation efforts and strengthen energy resources. Efforts have also been made to increase linkages to Europe and South Asia through trade corridors including rail freight routes.