Saudi Gazette report

RIYADH — During a high-level meeting in Riyadh on Thursday, Saudi Arabia and Russia reaffirmed their commitment to the recent OPEC+ decision to cut production until the end of 2023.

Saudi Energy Minister Prince Abdulaziz bin Salman, who is also the head of the Saudi side in the Joint Saudi-Russian Intergovernmental Commission on Trade, Economic, Scientific, and Technical Cooperation, met in Riyadh with Alexander Novak, Deputy Prime Minister of the Russian Federation and head of the Russian side in the joint committee, who is currently visiting the Kingdom.

They discussed the preparations for the joint committee’s next meeting and ways of developing and strengthening Saudi-Russian relations in serving the interests of both countries within the scope of the committee’s work.

They discussed global oil markets and the efforts of OPEC+ to promote market balance and stability. They stressed their countries’ commitment to the decision made by OPEC+ last October to reduce production by 2 million b/d until the end of 2023, and continue Saudi-Russian cooperation within OPEC+ framework to ensure stability in the global oil market.