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Russia, Saudi Arabia Call on OPEC+ Powers to Join Oil Output Deal

This initiative will be led by Saudi Arabia and Russia rolling over their voluntary cuts of 1.3 million barrel per day (bpd).
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Two of the largest oil exporters Saudi Arabia and Russia on Thursday called on all OPEC+ members to come in on an agreement on output cuts.

This agreement comes shortly after Russian President Vladimir Putin met with Saudi Crown Prince Mohammed bin Salman in Riyadh to discuss this agreement.

The Organization of the Petroleum Exporting Countries, Russia and other allies came to a deal last week to newts of about 2.2 million barrels per day, according to Reuters.

This initiative will be led by Saudi Arabia and Russia rolling over their voluntary cuts of 1.3 million barrels per day (bpd).

“In the field of energy, the two sides commended the close cooperation between them and the successful efforts of the OPEC+ countries in enhancing the stability of global oil markets,” the Kremlin released in a statement.

“They stressed the importance of continuing this cooperation, and the need for all participating countries to join the OPEC+ agreement, in a way that serves the interests of producers and consumers and supports the growth of the global economy,” the statement continued.

A news agency in Saudi Arabia reports that the crown prince and Putin really stressed the importance of OPEC+ members joining in on the agreement, according to Yahoo News.

Putin is also expected to meet with Iranian President Ebrahim Raisi in Moscow on Thursday.

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