Russia and Saudi remain committed to the OPEC+ deal on production cuts, said Russian Deputy Prime Minister Alexander Novak, the nation’s former energy minister, following a meeting in Riyadh.
“Today, my friend and colleague and I discussed cooperation in the OPEC+ multilateral format, and joint action and coordination in the international market. We reaffirmed our commitment to the agreements, which are in effect to date, and to our cooperation, which is, first and foremost, aimed at the market recovery at the soonest possible time and at reaching a balance,” he said, according to Russian news agency TASS.
OPEC and its allies are set to meet on 4 January, to determine production levels for the following month.
The production cuts held renewed importance this year as demand was slashed due to the coronavirus pandemic. Many OPEC members and allies rely upon oil to power their economies, so a recovery from the pandemic, and rising demand would be welcome developments.
OPEC plans to meet every month to re-evaluate market conditions, with hopes to increase oil production later in 2021.
