Energy Ministers of Russia and Saudi Arabia Discuss Oil Market Situation

MOSCOW (Sputnik) - Russian Energy Minister Alexander Novak held a phone conversation with Saudi Energy Minister, Crown Prince Mohammed bin Salman al-Saud, during which they confirmed commitment to oil market stability and balance restoration, the Russian Energy Ministry said on Wednesday.

"After the negotiations, the sides confirmed in a joint statement that Russia and Saudi Arabia remain firmly committed to achieving market stability and accelerating the restoration of the oil market balance. Apart from that, the sides are sure that their partners from the OPEC+ have the same goals and will respect the provisions of the OPEC+ deal," the Russian Energy Ministry said in a statement.

Russia and Saudi Arabia are glad to see the increase in the oil demand, and they also witness that countries across the world are now less concerned over oil storage limitations, according to the statement.

"Alexander Novak welcomes the significant voluntary output cuts by Saudi Arabia and steps taken by the United Arab Emirates and Kuwait to support Saudi Arabia's effort," the ministry said, adding that Novak has praised these actions as necessary for restoring the oil market balance.

The phone conversation was held as part of the regular bilateral contacts on the oil market situation, the ministry noted.