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Saudi Energy Minister Khalid al-Falih said on Sunday that he had met in Moscow on Saturday with his Russian counterpart, Alexander Novak, to discuss the state of the global oil market.
In a tweet on Twitter, Al-Falih said the two sides "have insisted on maintaining their commitment to a reduction in production until the end of the first quarter of 2020".
Saudi Arabia and Russia are leading an agreement between OPEC members and independent producers to reduce oil production by 1.2 million barrels a day, which began in early 2019 to end in March 2020.
The Saudi minister pointed out that the goal of the production reduction agreement was to "bring global oil stocks back to a normal level".
Russia is the second largest producer of crude oil after the United States, with an average of 11.4 million barrels a day, while Saudi Arabia is the third largest producer with an average of 9.7 million barrels.
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