01:27 GMT04 March 2021
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    Russian Energy Minister Alexander Novak said Saturday he had discussed the current situation on the oil market during the meeting with his counterparts from Saudi Arabia and Kazakhstan.

    ASTANA (Sputnik) — As part of the meeting, Novak, Khalid Falih and Kanat Bozumbayev reiterated their commitment to the oil production cuts deal of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC states.

    "We have discussed the current situation, we have once again confirmed the commitment… to the agreement. We will work together on the market regulation," Novak told journalists.

    There is no need for reacting on any events occurring around OPEC countries, since the oil output cut deal was being implemented in line with the plan, Novak added.

    "We are monitoring the situation… Now, there is no need for reaction on any events, since everything is implemented in line with the plan," Novak told reporters after the meeting with his counterparts from Saudi Arabia and Kazakhstan.

    In November 2016, the OPEC member states signed an agreement in Vienna limiting oil production by 1.2 million barrels per day. On December 10, 11 non-OPEC countries decided to jointly cut oil output by 558,000 barrels per day, with Russia cutting its output by 300,000 barrels per day for six months from January 2017. The agreement was due to expire in June but was prolonged for an additional nine months on May 25.


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