Russia, Saudi Arabia agree to continue actions to stabilize oil mkt

MOSCOW, Nov 7 (PRIME) -- Russia, Saudi Arabia, Kazakhstan, and Uzbekistan are ready to continue joint actions to stabilize the oil market and cut commercial reserves of oil, the Russian Energy Ministry said in a statement on November 4.

It followed a meeting between Energy Minister Alexander Novak and his counterparts from Saudi Arabia and Kazakhstan – Khalid al-Falih and Kanat Bozumbayev, and Uzbek Deputy Prime Minister Alisher Sultanov.

“The participating states expressed satisfaction with reduction of commercial reserves of oil and stated their readiness to continue joint actions in this direction,” the statement said.

“Together with the hosting Uzbekistan, the countries stressed the importance of efforts to stabilize the market and to ensure timely investment that secure an adequate level of oil supply in the future, and registered positive consequences from the processes for the world economy and trade.”

The OPEC states agreed to reduce production by 1.2 million barrels daily to 32.5 million barrels in November 2016. In December 2016, 11 non-OPEC countries including Russia agreed to cut their combined output by 558,000 barrels. The agreement was concluded for January–June and prolonged for nine more months in May.

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