Putin: Russian-Saudi Teamwork Allows to Stabilize Global Oil Markets

© AP Photo / Hasan Jamali, FileOil production
Oil production - Sputnik International
The Russian president underscored the role of Moscow and Riyadh in stabilizing the global oil markets.

MOSCOW (Sputnik) – The coordinated actions of Russia and Saudi Arabia on the oil market allow to stabilize the situation on the global markets, Russian President Vladimir Putin said Tuesday.

"Our coordinated actions allow to stabilize the situation on the global hydrocarbon markets," he said at talks with Deputy Crown Prince and Defense Minister Mohammad bin Salman Saud in Moscow.

A worker checks the valve of an oil pipe at an oil field owned by Russian state-owned oil producer Bashneft near the village of Nikolo-Berezovka, northwest of Ufa, Bashkortostan, Russia January 28, 2015. - Sputnik International
OPEC Cuts Extension Encourages Oil Bulls Amid Asian Supply-Side Concerns
In November 2016, the Organization of the Petroleum Exporting Countries (OPEC) member states reached an agreement to cut oil production by 1.2 million barrels per day in the first half of 2017 to boost global oil prices.

The OPEC agreement was supported by 11 non-OPEC states, which joined the deal by promising to jointly reduce oil output by 558,000 barrels per day. Russia pledged to cut production by 300,000 barrels daily. The OPEC has already implemented its commitment while non-cartel countries have implemented over half of the agreed upon cuts.

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