Saudi Energy Minister Khalid al-Falih says the agreement between Russia and Saudi Arabia at the G20 to extend the OPEC+ oil cut pact from July will reduce global inventories and balance oil markets.
“The Saudi-Russian partnership paves the way to guarantee the interests of producers and consumers and the growth of the global economy,” al-Falih tweeted.
Russia and Saudi Arabia agreed to extend a deal to keep oil production low owing to abundant world supplies, President Vladimir Putin said on Saturday.
The Organization of the Petroleum Exporting Countries (OPEC) and its oil-producer nation allies opted in December to trim daily crude output by 1.2 million barrels.
OPEC, a group of 14 countries pumping one-third of the world’s oil, is holding a high-stakes meeting in Vienna on Tuesday.