Russia Hopes to Continue Cooperation on Oil Output Reduction With Saudi Arabia

Russia favors further cooperation with Saudi Arabia on reduction of oil output, Valentina Matvienko the speaker of the upper house of Russia's parliament, said Sunday.

RIYADH (Sputnik) — Russia is willing to continue cooperating with Saudi Arabia on reduction of oil output as both countries have successfully fulfilled their responsibilities under the agreement between the Organization of the Petroleum Exporting Countries (OPEC) states and non-OPEC countries, Valentina Matvienko the speaker of the upper house of Russia's parliament, said Sunday.

Earlier in the day, Matvienko met with Saudi Arabia’s King Salman bin Abdulaziz Al Saud in Riyadh.

“It can be said that Russia  and Saudi Arabia acted as a guarantors of this agreement [on oil output]. We must acknowledge that Saudi Arabia has fully implemented its obligations, as well as Russia, in reducing oil output. I am sure that the cooperation will continue in the future as nobody is interested in the chaotic course of events,” Matvienko told reporters.

On Tuesday, media reported, citing informed sources, that Saudi Arabia wants the OPEC to extend its agreement on oil production cuts to the second half of 2017.

In November 2016, the OPEC member states reached an agreement to cut oil production by 1.2 million barrels per day in the first half of 2017 to boost global oil prices.

The OPEC agreement was supported by 11 non-OPEC states, which joined the deal by promising to reduce oil output by 558,000 barrels per day. Russia pledged to cut production by 300,000 barrels daily. OPEC has already implemented its commitment while non-cartel countries have implemented over half of the agreed upon cuts.