Saudi, Russian energy ministers affirm commitment to output cuts

Saudi Arabia's Minister of Energy, Abdulaziz bin Salman, and his Russian counterpart Alexander Novak held phone talks as part of their regular consultations on the oil market situation.

They issued a joint statement, confirming that both countries are strongly committed to implement the agreed target cuts over the next two years.

 “Our two countries have worked diligently with the other OPEC+ countries and other producers to achieve a historic agreement to stabilize the oil market.”

“Both our nations are strongly committed to implement the agreed target cuts over the next two years and will continue to closely monitor the oil market and are prepared to take further measures jointly with OPEC+ and other producers if these are deemed necessary. We are also confident that our partners in OPEC+ and other producers will live up to their commitments,” the statement added.