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People's Daily Online

Saudi Arabia, Russia, U.S. assert cooperation for stability of energy markets

People's Daily Online

(Xinhua) 16:57, April 10, 2020

RIYADH, April 10 (Xinhua) -- Saudi Arabia, the United States and Russia have asserted cooperation for the stability of energy markets, the Saudi Press Agency reported on Friday.

In a joint phone call, Saudi King Salman bin Abdulaziz Al Saudi, U.S. President Donald Trump and Russian President Vladimir Putin reviewed efforts in the light of the OPEC+ meeting and the importance of joint cooperation to stabilize energy markets in order to support the growth of global economy.

The phone call was made after the ninth Extraordinary OPEC and non-OPEC Ministerial Meeting that was held via webinar on Thursday.

In the meeting, the OPEC and non-OPEC oil-producing countries agreed to cut their overall crude oil production by 10 million barrels per day, starting from May 1, 2020 for an initial period of two months until June 30, 2020.

From July 1, 2020 to Dec. 31, 2020, the cut will decrease to 8 million barrels per day. It will be followed by the adjustment of 6 million barrels per day for another 16 months, according to a statement by OPEC on Friday morning.

The agreement will be valid until April 30, 2022, as the extension of this agreement will be reviewed in December 2021, it added.

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