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Saudi Energy Minister Khalid Al-Falih praised the agreement between Russia and Russia to extend the oil production reduction agreement to the Organization of Petroleum Exporting Countries (OPEC) and the Organization of Petroleum Exporting Countries (OPEC).
Cairo – .. "In a bilateral meeting on the sidelines of the G-20 summit, Russian President Vladimir Putin agreed with Crown Prince Mohammed bin Salman to extend the current agreement to reduce production for OPEC countries," Al-Faleh wrote on Twitter on Saturday, June 29. July 2019, which will lead to a reduction in global stocks, and thus the balance of markets, and recovery of investment rates to ensure future energy supplies. "
"The agreement confirms that the Saudi-Russian partnership paves the way to ensure the interests of producers and consumers, and sustain the growth of the global economy."
Russian President Vladimir Putin said on Saturday that Russia and Saudi Arabia had agreed on one position on the future of the OPEC deal and would stand by extending the current volume of cuts in oil production.
"Today's meeting with the Crown Prince, yes, we have really discussed the possibility of extending our agreements with OPEC on production cuts," Putin told reporters in response to a question about the outcome of his meeting with the Crown Prince of Saudi Arabia within the framework of the G20 in Osaka. I want to tell you – maybe this is of specific value to the market – we have agreed, and we will extend our agreements, anyway we will support the extension of the agreements – both Russia and Saudi Arabia. "
First Deputy Prime Minister and Minister of Finance Anton Silwanov has said that global oil prices could fall below $ 40, or close to $ 30 a barrel, if OPEC + does not agree to a deal to restrict production in the summer.
In this regard, OPEC and non-OPEC countries agreed in late 2018 to renew the terms of the agreement on reducing their production of oil, which has been in effect since the beginning of 2017. They also agreed to reduce production Of oil with a total of 1.2 million barrels per day compared to the level of October 2018.
Russia agreed to reduce this volume by 228 thousand barrels per day, and remains in force until the first half of 2019.
OPEC and OPEC ministers will decide on the future prospects of the deal, including the possibility of extending it until the second half of 2019, at the meetings of all members of the Organization on July 1 and 2 in Vienna.
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