In a joint statement on Wednesday, the energy ministers of Russia and Saudi Arabia were firmly committed to achieving stability in oil market. Russian energy minister Alexander Novak and Saudi energy minister Prince Abdulaziz bin Salman held a phone conversation as part of their consultations on oil market developments.
Slashing output by 9.7 million bpd for May and June agreed by OPEC+ last month, a record production cut. From June, oil output cuts will be voluntarily deepened by Saudi Arabia by 1 million bpd, the kingdom said on Monday, to expedite draining a global supply glut and rebalancing the oil market.
For a total of 180,000 bpd, slashing production also pledged by the UAE and Kuwait. Saudi’s voluntary production cuts and the steps taken by that UAE and Kuwait to support Saudi efforts welcomed by Russia.
Producers, under the OPEC+ pact after June, will slowly relax the production curbs. Until April 2022, supply reductions will remain in force.
