Russian President Vladimir Putin and Saudi Arabia's Crown Prince Mohammed bin Salman called on all OPEC+ countries to adhere to the group's agreement on cuts in oil production, saying the plan would serve the interests of the global economy.
The call was made in a joint statement published on Thursday after the two met a day earlier and also said that Russia and Saudi Arabia had agreed that it was important to increase cooperation in oil and gas, including in the supply of equipment.
Following last week's OPEC+ meeting, Saudi Arabia agreed to extend voluntary oil production cuts of 1 million barrels per day (bpd) for the first quarter, while Russia said it would continue to reduce oil exports in 300,000 bpd and, in addition, would reduce its fuel exports by 200,000 bpd in the January-March quarter.
Russia and Saudi Arabia reinforce cooperation in stabilizing oil markets after OPEC+ meeting
The total restrictions amount to 2.2 million bpd from eight producers, OPEC said in a statement after last week's meeting.
But not all OPEC+ members agreed to extend or deepen voluntary oil cuts. Putin and Mohammed bin Salman's latest statement appears to be attracting these countries.
In the energy field, both sides praised the close cooperation. They recognized successful efforts by OPEC+ to increase stability in global oil markets, as stated.
“They emphasized the importance of continuing. They highlighted the need for all participating countries to adhere to the OPEC+ agreement. This must occur in a way that serves the interests of producers and consumers, supporting the growth of the global economy.”
OPEC+ production is 43 million barrels per day. This quantity already incorporates cuts of 5 million, aiming to support prices and stabilize the market.
Source: Vladimir Soldatkin and Olesya Astakhova | Notícias Agrícolas
