Russia, S. Arabia reaffirm OPEC+'s decision to cut production - Breaking The News
Download our appPlay StoreApp Store

Russia, S. Arabia reaffirm OPEC+'s decision to cut production

EPA-EFE/MAHMOUD KHALED

Saudi Energy Minister Abdulaziz bin Salman Al-Saud (pictured left) and Russian Deputy Prime Minister Alexander Novak (pictured right) met in Riyadh to reaffirm their commitment to the decision to cut OPEC+ production, the Saudi media SPA reported Thursday.

According to the media, the pair discussed the oil market and OPEC+ efforts to promote "market balance" and "stability" while underlining their countries' support for the decision adopted by the cartel in October to reduce production by 2 million barrels per day until the end of 2023.

Moreover, they also discussed the development and strengthening of relations between Saudi Arabia and Russia to serve the interests of "both countries."

Related Stocks
Brent Crude (ICE)
F WBS
Related News
Oil adds 1% after US inflation reading
The prices of oil futures advanced by 1% on Tuesday following the newest report on annual inflation in the United States in April, which showed another decline compared to the previous month, hitting its lowest level since February 2021.West Texas Intermediate (WTI) for deliveries in June jumped by 1.24% at 8:23 am ET to sell for $62.72 per barrel. A minute later, Brent for settlements in July added 1.06% to go for $65.64 per barrel.
Novak: Russia to dominate Asian gas markets by 2050
Russian Deputy Prime Minister Alexander Novak said that Russia will become the leading exporter to Asian gas markets by 2050 in his article for the "Energy Policy " journal published on Monday."The plans include developing our technologies for seamless pipes and large-diameter pipes, as well as cooperation with friendly countries for the joint development of gas infrastructure," he said. Novak predicts an increase in the export of pipeline gas to 197 billion cubic...
Oil up 2% as demand concerns ease
Crude oil advanced on Monday following some positive news on the demand front. The United States and China agreed to significantly cut mutual tariffs for 90 days, relieving some downward pressure on energy prices. West Texas Intermediate (WTI) for deliveries in June grew by 2.22% at 4:45 am ET to sell for $62.67 per barrel. Brent for settlements in July increased by 2.23% a minute later, going for $65.59 per barrel.
UK sanctions 100 oil tankers in Russian shadow fleet
The UK government unveiled on Friday their largest sanctions package yet against Russia's shadow fleet, targeting approximately 100 vessels involved in transporting cargo valued at over $24 billion since the start of 2024.The declaration was delivered by Prime Minister Keir Starmer during the Joint Expeditionary Force (JEF) gathering in Oslo, forming part of wider initiatives to safeguard vital infrastructure and restrict Russia's capacity to finance its...

Please observe our Terms of Use. The price information is time delayed to varying extents, but as a rule by 15 minutes or more, according to the regulations of the selected stock exchange and/or licensors and the type of securities.

© 2025 TeleTrader Software GmbH. All rights reserved

This website uses cookies to ensure you get the best experience. Our Terms of Use and Data Protection Policy explain the data we collect, why we collect them, and how we may share them.