MOSCOW, March 3. /TASS/. Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman Al Saud discussed the implementation of the agreement within the framework of OPEC +, the Kremlin press service said on Thursday following their telephone conversation.
"The parties states with satisfaction that the OPEC+ member countries are consistently fulfilling their obligations, contributing to ensuring stability in the global oil market. Russia and Saudi Arabia will continue to coordinate their approaches within this format," the report says.
The renewed OPEC+ deal is in effect since May 2020. The countries of the agreement agreed to unprecedented oil production cuts. In fact, at the first stage, from May to July 2020, they removed almost 20% of their production from the market, or 9.7 mln bpd. As the oil market recovered, restrictions eased, and since August 2021 they have become more stable, as OPEC+ countries can increase by 400,000 bpd every month. They confirm this plan at meetings at the beginning of each month. The next OPEC+ ministerial meeting is scheduled for March 31, 2022.