Russian Foreign Minister Sergei Lavrov said that Moscow would like to continue working with Riyadh on the implementation of the agreement to reduce the world oil production. The remarks came ahead of King Salman's visit to Russia, where the Russian foreign minister praised the cooperation between the two countries in helping to reach an agreement between OPEC and non-OPEC oil producers to cut production until the end of March 2018.
Lavrov added that Saudi Arabia and Russia are taking responsibility for implementing the global oil production reduction agreement and it is important to continue to coordinate efforts with partners in this regard. The leaders of the two countries are scheduled to discuss cooperation in oil production and a range of other issues on Thursday during the first visit of the Saudi monarch to Moscow.
On the other hand, Alexander Novak, the Russian oil minister said that his country has cut production during the last month in accordance with the agreement to reduce production and stressed the continuation of the agreement until the end of March next year. Russian output cut by 346,000 bpd in September.
OPEC, in addition to a number of oil producers around the world from outside the Organization agreed in November 2016 to reduce production by 1.2 million barrels per day to the OPEC and about 560 thousand barrels from outside countries, or about 1.8 million barrels per day in total.
The agreement included a reduction in the first half of 2017, but in May the production cut was extended by an additional 9 months until the end of March 2018.
