During a conference on Wednesday, Saudi Energy Minister Prince Abdulaziz bin Salman emphasized the ongoing strength of oil cooperation between Russia and Saudi Arabia as part of the OPEC+ alliance.
He stated that the alliance is committed to taking “whatever necessary” measures to support the oil market.
OPEC+ is a collective effort between the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, which collectively accounts for approximately 40 percent of global crude oil production.
Since November, the alliance has been implementing oil output cuts.
In a joint effort, Saudi Arabia and Russia, the world’s top oil exporters, recently announced deeper cuts in oil supply.
The objective of OPEC is to achieve a balanced oil market that serves the interests of both consumers and producers.
Prince Abdulaziz reiterated the commitment to stabilize prices, stating that they are prepared to take any required actions to achieve this goal.
The continued cooperation between Russia and Saudi Arabia underscores their dedication to supporting the stability of the global oil market.
