Russia, Saudis Remain Committed to OPEC+, Oil Market Stability

The two nations, which lead the oil-producers’ alliance, “are firmly committed to the goal of the OPEC+ agreement on preserving market stability and restoring the balance of supply and demand,” according to a statement posted on the Russian government website after the meeting in Riyadh.

The first direct talks between the two ministers since June came just days before the Organization of Petroleum Exporting Countries and its allies will gather to determine oil production policy for September. The meeting on Aug. 3 will decide whether the group heeds US calls to supply more crude to the global market.

Saudi Arabia’s Energy Ministry confirmed the meeting in a tweet and said the officials “discussed the latest developments in the work of the Saudi-Russian joint committee, and discussed opportunities for cooperation between the two countries within its framework.”

The meeting between Novak and his Saudi counterpart, who co-chair the intergovernmental commission on trade and economic cooperation between the two countries in addition to their OPEC+ roles, happened after Russia’s President Vladimir Putin held a phone call with Saudi Crown Prince Mohammed bin Salman last week.