Saudi Arabia, Russia, and Kazakhstan Reaffirm Full Commitment to OPEC+ Voluntary Cuts

Saudi Arabia, Russia and Kazakhstan on Wednesday confirmed full commitment to the voluntary oil production cuts agreed by the OPEC+ alliance that includes the Organization of the Petroleum Exporting Countries and its allies.

According to the Saudi Press Agency, this came during a trilateral phone meeting that brought together Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz, Russian Deputy Prime Minister Alexander Novak, and Kazakhstan’s Energy Minister Almasadam Satkalyev.

The participants in the meeting stressed the importance of maintaining the stability and balance of global oil markets, noting the great role played by the OPEC+ group in this regard.

The agency added that the three parties “stressed the importance of cooperation between OPEC+ countries and full compliance with the agreement, including the voluntary production cuts agreed upon by the eight participating countries, in addition to offsetting any increases in production.”

On his part, the Kazakh Energy Minister affirmed Kazakhstan's full commitment to the agreement and to voluntary production reductions and compensation for production increases, according to the updated schedule submitted to the OPEC Secretariat.

The office of Iraqi Prime Minister Mohammed Shia Al-Sudani confirmed that Prince Abdulaziz and Novak met with Shia' al-Sudani in Baghdad on Tuesday to discuss the conditions of global energy markets and issues related to the production and flow of crude oil to markets and meet the volume of demand.

The Saudi energy ministry said the three countries stressed the importance of full compliance with the OPEC+ oil supply agreement, including the voluntary reduction of production agreed by the eight member states, as well as measures to offset any increase in production.