Russia and Saudi Arabia are confident in the fulfillment of obligations by OPEC + countries

US, WASHINGTON (ORDO NEWS) — Russia and Saudi Arabia are confident that their OPEC + partners and other manufacturers will fulfill their commitments.

This statement was made during a telephone conversation between Russian Energy Minister Alexander Novak and Saudi Arabian Energy Minister Prince Abdulaziz bin Salman as part of regular contacts on the situation on the oil market.

“Both countries are firmly committed to the implementation of agreed target reductions, will continue to closely monitor the oil market and, if necessary, will be ready to take the necessary measures together with OPEC + and other producers,” the Russian Ministry of Energy quoted the joint statement of the two countries.

Russia and Saudi Arabia did a great job to conclude a historic agreement with the OPEC + countries and other producers to stabilize the oil market.

The terms of the OPEC + deal correspond to Russia’s interests, Minister of Energy Alexander Novak said during a government meeting on April 15. According to him, about 10 countries that are not members of OPEC + have expressed their readiness to support efforts to balance the global oil market.

In May-June of this year, OPEC + countries, as well as some other oil producers will reduce production by a total of 15-20 million barrels per day. About this in the program “News” on the channel “Russia-1” said Minister of Energy of the Russian Federation Alexander Novak.

“The United States, Canada, Norway and other oil producing countries … of the statements made by energy ministers of other countries, their total reduction from May to June can be from 15 to 20 million barrels per day,” Novak explained.

As a result of negotiations on April 11-12, a decision was made to reduce production by the participating countries of the OPEC + agreement by 9.7 million barrels per day.

At the same time, since the decline is calculated from the level of October 2018, in May the reduction will total 12.5 million barrels per day.

The head of the Russian Ministry of Energy emphasized that the joint activity of all countries is “that’s right, that’s really important.” According to Alexander Novak, a common position is necessary to stabilize the situation in the oil markets.

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