Russia and Saudi Arabia pledge to ensure stable oil supply

The Russian government said Russia and Saudi Arabia agreed to remain committed to maintaining stability in the global oil market.

On Friday, Russian Deputy Prime Minister Alexander Novak traveled to Saudi Arabia for talks with the country’s Energy Minister Prince Abdulaziz bin Salman Al Saud. The visit preceded a meeting of OPEC plus the grouping of major oil producing nations on August 3.

In a statement, Moscow said: “It has been underlined that Russia and Saudi Arabia are firmly committed to the goal of the OPEC plus agreement to maintain market stability and restore the supply balance. and demand”.

Novak and Abdulaziz appear to have confirmed their countries’ cooperation on production adjustments.

Saudi Arabia-led OPEC and the OPEC Plus group, which includes Russia, wield considerable influence in the global crude oil market through production adjustments.

Earlier this month, US President Joe Biden visited Saudi Arabia to urge major oil-producing countries in the Middle East to increase production, in a bid to tackle soaring gas prices in the States. -United.

Oil production in Russia is affected by economic sanctions imposed by the United States and other Western countries.

Observers say Novak’s visit to Saudi Arabia is part of Moscow’s efforts to retain influence in the international energy market.