Russia, Saudi energy ministers discuss coop within OPEC+ deal

MOSCOW, Jun 28 (PRIME) -- Russian Energy Minister Alexander Novak and Saudi Arabia’s Oil Minister Khalid Al-Falih have discussed cooperation within OPEC+ agreements on the sidelines of the G20 summit, the Russian Energy Ministry said on Friday.

“During the meeting, the heads of the energy authorities of Russia and Saudi Arabia discussed cooperation of the countries in the framework of the OPEC + agreements, as well as the current progress in the framework of a joint Russian–Saudi intergovernmental commission on trade, economic and scientific and technical cooperation, the last meeting of which was held on June 10, 2019 in Moscow,” the statement said.

In November 2016, OPEC and non-OPEC states including Russia first agreed to reduce their oil output to rebalance the market. In December 2018, the participants of the deal decided to cut production by an additional 800,000 barrels per day for OPEC and 400,000 barrels per day for non-OPEC states, including 228,000 barrels per day for Russia, from the level of October 2018.

OPEC+ states are slated to discuss the possible prolongation of the deal at a meeting in Vienna on July 1–2.

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