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The Russian President and Crown Prince of Saudi Arabia, at the G-20 summit, stressed the two countries' focus on ensuring the stability of the world oil market. In the current circumstances, the key is to coordinate producers in terms of supply volume, Russian Energy Minister Alexander Novak said. .
"The results of the talks between Russian President Vladimir Putin and Crown Prince Mohammed bin Salman Al Saud reaffirmed our countries' tendency to ensure the stability of the world oil market as well as a high degree of mutual understanding," Novak told reporters.
"With the current level of instability in the global market, concerted action by oil producers to ensure a consistent and adequate supply of oil to the market is key to ensuring market stability," he said.
Earlier on Saturday, Putin spoke of the outcome of his meeting with the Crown Prince of Saudi Arabia and said the two countries had agreed on one position on the future of the OPEC deal + and would stand by extending it with the current volume of oil production cuts. According to the Russian leader, the agreement can be extended for six months or nine months.
OPEC and non-OPEC countries agreed in late 2018 to renew the terms of the agreement to reduce their oil production, Of its total oil production of 1.2 million barrels per day compared with the level of October 2018, and 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 are expected to 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 WTO members on 1-2 July in Vienna.
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