MOSCOW, May 13 (Xinhua) — Russian Energy Minister Alexander Novak and his Saudi Arabian counterpart Prince Abdulaziz bin Salman Al Saud on Wednesday discussed the oil market situation in a phone conversation, the Russian Energy Ministry has said.
“Russia and Saudi Arabia are pleased with the signs of improved economic and market indicators, especially with rising oil demand and a weakening concern about the limited availability of oil storage facilities,” the ministry said in a statement.
Following the talks, the parties noted in a joint statement that Russia and Saudi Arabia are firmly committed to achieving market stability and accelerating the restoration of balance in the oil market, the ministry said.
The parties are confident that their partners also fully support these goals and will comply with the provisions of the OPEC+ agreement, it added.
The ministers praised the efforts of responsible manufacturers around the world which have voluntarily adjusted their production out of a sense of shared responsibility for the market situation.
Novak welcomed additional voluntary substantial output cuts made by Saudi Arabia and the steps taken by the United Arab Emirates and Kuwait to support these efforts, according to the statement.
The Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and other crude producers, led by Russia, reached an agreement known as the OPEC+ deal last month, whose aim is to cut output in order to stop a market free-fall amid the coronavirus pandemic. Enditem