Riyadh March 16 2023: HRH Prince Abdulaziz bin Salman, Minister of Energy, Head of the Saudi side in the Joint Saudi-Russian Intergovernmental Commission on Trade, Economic, Scientific, and Technical Cooperation, met today in Riyadh with H.E. Alexander Novak, Deputy Prime Minister of the Russian Federation, Head of the Russian side, who is currently visiting the Kingdom.
They discussed the preparations for the joint committee’s next meeting and ways of developing and strengthening Saudi-Russian relations in serving the interests of both countries within the scope of the joint committee’s work.
They discussed global oil markets and the efforts of the OPEC+ group to promote market balance and stability, as they stressed their countries’ commitment to the decision made by OPEC+ last October to reduce production by 2 million b/d until the end of 2023, and continuing Saudi-Russian cooperation within OPEC+ framework to enhance global oil market balance and stability.
Brent crude futures rose 26 cents, or 0.4%, to $73.95 a barrel by 12:08 p.m. EDT (1608 GMT), while the West Texas Intermediate crude futures (WTI) rose 19 cents, or 0.3%, to $67.80 a barrel, as per Reuters.
Earlier in Thursday’s session both contracts had dropped by more than $1 a barrel to near 15-month lows. On Wednesday, the third straight day of declines, U.S. crude fell below $70 a barrel for the first time since Dec. 20, 2021.
