Saudis, Russia express strong commitment to implement agreed target oil cuts

Saudis, Russia express strong commitment to implement agreed target oil cuts

BAKU, Azerbaijan, April 17

By Leman Zeynalova - Trend:

Saudi Arabia and Russia have expressed strong commitment to implement agreed target oil cuts, Trend reports citing OPEC’s website.

Prince Abdulaziz bin Salman Al Saud, Minister of Energy for the Kingdom of Saudi Arabia; and Alexander Novak, Minister of Energy for the Russian Federation held a constructive phone call as part of their regular consultations on the oil market situation and issued a joint statement.

“Our two countries have worked diligently with the other OPEC+ countries and other producers to achieve a historic agreement to stabilize the oil market. Both our nations are strongly committed to implement the agreed target cuts over the next two years and will continue to closely monitor the oil market and are prepared to take further measures jointly with OPEC+ and other producers if these are deemed necessary,” reads the statement.

“We are also confident that our partners in OPEC+ and other producers will live up to their commitments.”

OPEC+ has agreed to a 9.7mn b/d cut, effective May 1. The cut will be held in place until June 30, when it will be reduced to 7.7mn b/d. On January 1 2021, the volume will adjusted down once more, to 5.8mn b/d, and will be held in place until April 30 2022, subject to review at the December 2021 meeting. The OPEC+ cut is being backed by members of the G20, which have committed to support the market's rebalancing. However, this support will not take the form of a coordinated production cut, but will instead comprise a mix of involuntary output declines and strategic stockpiling. The exact volume that will be contributed by the G20 is unclear, but stands somewhere in the order of 5.0mn b/d.

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Follow the author on Twitter: @Lyaman_Zeyn

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