The Saudi Minister of Energy, Khalid Al-Falih has discussed with his Russian counterpart the recent developments in global oil markets, Reuters reported.

During the meeting, Al-Falih pointed out that Saudi Arabia will continue with the production cuts until the end of Q1 2020.

“We confirm that we will continue to hold such meetings and talks between our two countries to ensure further progress, partnership, investment development, and mutual trade,” Al-Falih said.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, recently decided to extend the production cut agreement until the end of March 2020. The decision came shortly after Saudi Arabia and Russia agreed to extend the output cut deal by another six to nine months during a meeting between Saudi Crown Prince Mohamed Bin Salman and Russian President Vladimir Putin on the sidelines of the 2019 G20 Osaka summit in Japan.