Saudi Arabia Ready for Long Term Cooperation with Russia

Saudi Arabia Ready for Long Term Cooperation with Russia

Saudi Arabia and Russia confirmed their commitment to implement the OPEC agreement of limiting production to 9.7 million barrels per day (mmbbl/d) for the coming two years, according to Saudi Press Agency.

The deal represents a 2.5 mmbbl cut for both Riyadh and Moscow. This is a measure to stabilize the market that has shed more than 60% of its value. The SPA also affirms that bilateral relations between Saudi and Russia remain exceptionally strong.

Oil producers outside of the OPEC alliance pledged to cut an additional 3.7 mmbbl/d.

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