Russia welcomes additional steps to reduce oil production by Saudi Arabia, the United Arab Emirates and Kuwait, which will speed up the rebalancing of the market, the press service of the Ministry of Energy of the Russian Federation reports following a telephone conversation between the head of the Department Alexander Novak and the Minister of Energy of Saudi Arabia Prince Abdulaziz bin Salman as part of regular contacts on the situation on the oil market.
"Alexander Novak welcomes the additional voluntary significant production cuts made by Saudi Arabia and the steps taken by the United Arab Emirates and Kuwait to support the efforts of Saudi Arabia, noting that these actions are clear evidence of decisive actions that are highly welcome and necessary to accelerate the process of restoring balance in the oil market," the message reads.
On May 11, Saudi Arabia and its allies-the UAE and Kuwait-announced their readiness to further reduce oil production in June in excess of the established quotas under the OPEC+agreement.
Thus, Saudi Arabia decided to reduce production by 1 million barrels per day over its quota-to the level of 7.5 million barrels.
The United Arab Emirates and Kuwait reported that they would cut production by 180 thousand barrels per day, in this regard, the reduction in OPEC+ in June may grow to 10.8 million barrels instead of the planned 9.7 million barrels per day if all participants in the deal meet their obligations.
GSV "Russia - Islamic World"
Photo: EPA / MAHMOUD KHALED / TASS