Riyadh, Ramadan 20, 1441 AH; May 13, 2020 AD, SPA
His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz, the Minister of Energy, and His Excellency the Minister of Energy for the Russian Federation Alexander Novak have held a phone conversation as part of their continuing consultations on oil market developments.
Following their discussion, they issued the following joint statement: “Our two nations remain firmly committed to achieving the goal of market stability and expediting the rebalancing of the oil market. We are confident that our partners within OPEC+ are fully aligned with our goals and they will comply with the OPEC+ agreement. We would like to especially commend the efforts of responsible producers around the world who have willingly adjusted their production out of a sense of shared responsibility”.
We are also pleased with the recent signs of improvements in economic and market indicators, especially the growth in oil demand and the ease in concerns about storage limits as various countries around the globe begin to emerge from their stringent lockdowns.
His Excellency Alexander Novak also welcomed the additional voluntary substantial production cuts made by Saudi Arabia and the steps that United Arab Emirates and Kuwait took to support Saudi efforts noting that these actions are clear evidence of the determined actions that are highly welcomed and needed to help expedite the rebalancing of the oil market.
