Saudi Arabia and Russia call on OPEC+ members to support production cuts - TASS & SPA

In a joint statement, Russia and Saudi Arabia highlighted the need to “increase the stability of global oil markets,” Russia’s state-owned media agency TASS reported.

PHOTO: National flags of Russia and Saudi Arabia on a table. Getty Images

The two biggest producers of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) have called on all member nations of the group to join an agreement on oil supply cuts and output reductions in 2024.

Talks between Russian President Vladimir Putin and Saudi Arabia’s Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud took place in Riyadh during Putin’s state visit earlier this week.

“In the field of energy, they [Saudi Arabia and Russia] stressed the need for all participating countries to adhere to the OPEC+ agreement, in a way that serves the interests of producers and consumers and supports the growth of the global economy,” reported Saudi Arabia’s state-owned media agency SPA.

Both countries agreed to improve relations in several aspects of the oil and gas sector including “procurement, supplying and standardizing equipment, research and development services in oil, evaluating the use of modern technologies in this field between companies in the two countries,” SPA further added.

Last month, OPEC+ rolled out additional voluntary cuts of about 2.2 million b/d that will come into force in January 2024.

By Aparupa Mazumder 

Please get in touch with comments or additional info to news@engine.online