Min: Russia, Saudi Arabia have no disagreements over OPEC+ deal

MOSCOW, Feb 27 (PRIME) -- Russia and Saudi Arabia have no disagreement over the OPEC+ oil output reduction deal, and Moscow wants to continue bilateral relations with Riyadh, Energy Minister Alexander Novak told reporters on Thursday.

“We continue our cooperation in the framework of the agreements we have reached. We have scheduled a meeting of the JMMC (Joint Monitoring Ministerial Committee), a ministerial meeting, for March. We are satisfied with cooperation with our partners from Saudi Arabia, and we obviously want to continue cooperation not only in the framework of multilateral relations like OPEC+, but in bilateral relations as well,” he said.

When asked whether the two countries have disagreements on the future of the OPEC+ deal, he said, “We never had any of these disagreements.”

In November 2016, OPEC and non-OPEC states including Russia first decided to reduce their oil output to rebalance the market, and agreed on additional reduction in December 2018. In July, they prolonged the deal until April 2020. According to the latest amendments, the agreement stipulates a production cut by 2.1 million barrels per day.

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