The Saudi Minister of Energy, Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, took part in a trilateral phone meeting on Wednesday with officials from Russia and Kazakhstan, reported the Saudi Press Agency (SPA).
The Saudi Minister held the phone meeting with the Deputy Prime Minister of Russia, Alexander Novak, who is on an official visit to Kazakhstan, and the Kazakh Minister of Energy, Almasadam Satkaliyev.
During the meeting, the participants underscored the importance of maintaining the stability and balance of the global oil markets. They also highlighted the significant role of OPEC+ in this regard.
Moreover, the participants emphasized the significance of cooperation among the OPEC+ countries and the full compliance with the agreement. This includes voluntary production cuts which the 8 participating countries agreed upon, as well as compensation for any production increases.
In the light of this, the Kazakh Minister of Energy, Almasadam Satkaliyev, reiterated Kazakhstan’s full adherence to the agreement, voluntary production cuts, and compensation for any production increases, in accordance with the updated schedule submitted to the OPEC Secretariat.
The OPEC+ crude output accounts for about 41% of global oil production, according to Reuters. In 2016, OPEC formed the OPEC+ group alongside 10 of the world’s largest non-OPEC oil producers.
The aim of this coalition is to cooperate on adjusting crude oil production to bring stability to the oil market. Saudi Arabia and Russia are leading the OPEC+ coalition, with an oil production estimated at 9 million and 9.3 million barrels per day (bpd) respectively.
