Al-Falih and Novak affirm their commitment to the agreement to reduce oil production until the end of the first quarter of 2020

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Al-Falih and Novak affirm their commitment to the agreement to reduce oil production until the end of the first quarter of 2020

Minister of Energy, Industry and Mineral Resources, Khalid Al-Falih, said that he had discussed oil markets with his Russian counterpart, Alexander Novak, and stressed the Continued commitment to the agreement to reduce production until the end of the first quarter of 2020.

"Yesterday I visited Russia and met the Russian Minister of Energy, Alexander Novak.We discussed the process of Russian-Saudi partnership since the historic visit of the guardian of the two Holy Mosques, King Salman bin Abdulaziz Al-Saud in Russia in 2017 and preparing for the visit of His Excellency President Putin to the Kingdom ".

"We will continue to hold these unique meetings and dialogues between our two countries to ensure further progress, partnership, investment development and mutual trade," he said. In order to restore global oil stocks in their natural range. "

Russia's energy minister said Saturday that oil production in Russia in July was in line with the agreement of the Organization of the Petroleum Exporting Countries (OPEC), adding that Moscow was considering respecting the agreements in August.

Russian production in July fell 290,000 bpd compared to October 2018, the reference date in the OPEC-Opec agreement and its allies for supply reduction, the ministry said.

The OPEC and its Russian allies decided last month to extend their oil production cuts until March 2020 in order to boost crude oil prices, while the global economy is going ahead. weakened and that production in the United States increased.