Saudi Gazette report

RIYADH — “Saudi Arabia and Russia are strongly committed to implement the agreed target cuts over the next two years,” a joint statement between the two countries energy ministers said on Thursday.

Energy Minister Prince Abdulaziz Bin Salman and his Russian counterpart Alexander Novak held a constructive phone call as part of their regular consultations on the oil market situation, Saudi Press Agency (SPA) reported.

The two ministers agreed that they would continue to closely monitor the oil market. “We are prepared to take further measures jointly with OPEC+ and other producers if these are deemed necessary.”

“Our two countries have worked diligently with the other OPEC+ countries and other producers to achieve a historic agreement to stabilize the oil market,” a joint statement said.

“We are also confident that our partners in OPEC+ and other producers will live up to their commitments,” the statement added.