Saudi energy minister, Novak reaffirm commitment to OPEC+ decision to cut oil output by 2 mln bpd until end-2023

MOSCOW. March 17 (Interfax) - Saudi Arabian Energy Minister Abdulaziz bin Salman Al Saud and Russian Deputy Prime Minister Alexander Novak reaffirmed their countries' commitment to the decision adopted by OPEC+ in October 2022 to reduce oil production by 2 million barrels per day until the end of 2023.

The meeting between Novak and the Saudi minister in Riyadh was reported by the Saudi Press Agency.

The two discussed preparations for the meeting of the Saudi-Russian intergovernmental commission on trade, economic, scientific and technical cooperation, as well as the continuation of cooperation between countries within the OPEC+ framework to ensure global oil market balance and stability.

The Russian government's press service said after the meeting that Novak and the Saudi minister discussed the two countries' cooperation in the oil and gas sector, including achieving goals to maintain market stability and restore the balance of supply and demand on the global oil market.

"In particular, they focused on mutual understanding within the OPEC+ group and stressed the two countries' commitment to the decision made by OPEC+ in October 2022 to reduce oil production by 2 million barrels per day until the end of 2023 and to continue Russian-Saudi cooperation within OPEC+ as it contributes to strengthening the balance and stability of the global oil market," the statement said.