Kremlin: Putin, Saudi Crown Prince confirm reducing oil supply ensures market stability

The Kremlin said on Wednesday that Russian President Vladimir Putin spoke by phone with Saudi Crown Prince Mohammed bin Salman and that the two leaders indicated that the latest agreements on reducing oil supplies ensure stability in global energy markets.

Saudi Arabia and Russia announced on Tuesday the extension of the voluntary oil supply reduction until the end of the year, despite the rise in oil prices in the markets and analysts’ expectations of tight supplies in the fourth quarter.

Russia will extend its decision to reduce its oil exports by 300,000 barrels per day, while Saudi Arabia will extend its voluntary reduction in oil production by one million barrels per day.

The Kremlin said that the two leaders praised the great level of cooperation between their countries in OPEC+.

“It was noted that the agreements reached on reducing oil production, along with voluntary commitments to reduce supplies… make it possible to ensure the stability of the global energy market,” the Kremlin said in a statement about the call.