Faleh confirms Saudi and Russian commitment to reduce oil production until 2020

The Minister of Energy, Alexander Novak, met on Friday to discuss the Russian-Saudi partnership since the historic visit of the guardian of the two Holy Mosques, King Salman bin Abdulaziz in 2017. Vladimir Putin to the Kingdom of Saudi Arabia.

"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.

"We discussed oil markets and we maintained our commitment to the production reduction agreement until the end of the first quarter of 2020, with the aim of bringing global oil reserves back to their level. normal, "he said.

The Russian Ministry of Energy said Saturday earlier that Russian oil production in July was in line with the OPEC agreement, adding that Moscow planned to abide by the agreements in August.

Russian production in July fell 290,000 bpd compared to October 2018, the reference date in the OPEC-OPEC agreement to reduce supplies, the ministry said.

OPEC and its main non-OPEC allies, led by Russia, extended the March 2003 supply reduction agreement in order to avoid stockpiling. likely to hurt prices.

The OPEC + agreement provides for a reduction in production of 1.2 million barrels per day for a period of six months, starting January 1, 2019, with the aim of balancing the global oil market.

In this context, Russia has committed to reduce its production of 228,000 barrels per day from the base of the agreement, the production of October 2018, to 11.18 million barrels per day.

Russian oil production fell to a three-year low in early July, near the lowest level in three years. It has been undermined by a conflict between the Russian monopoly Transvest and the Russian oil producer Rosneft.