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Russia, Kazakhstan, Saudi Arabia adhere to voluntary oil output cuts — agency

"The participants emphasized the importance of maintaining stability and balance in global oil markets, highlighting the significant role played by the OPEC+ Group in this regard," the report said

DUBAI, November 27. /TASS/. Russian Deputy Prime Minister Alexander Novak has discussed the situation on the oil market and issues of OPEC+ cooperation with Saudi Energy Minister Abdulaziz bin Salman Al Saud and Kazakh Energy Minister Almasadam Satkaliyev, the Saudi Press Agency reported.

"The participants emphasized the importance of maintaining stability and balance in global oil markets, highlighting the significant role played by the OPEC+ Group in this regard. They also stressed the importance of cooperation among OPEC+ member countries and full adherence to the agreement, including the voluntary production cuts agreed upon by the eight participating countries, as well as compensating for any excess production," the report said.

For his part, the Kazakh energy minister reaffirmed Astana’s full commitment to the agreement, the voluntary production cuts, and compensating for any overproduction, in accordance with the updated schedule submitted to the OPEC Secretariat, the agency said.

The talks took place during Novak’s visit to Kazakhstan, according to the report. The kingdom’s energy minister participated in the meeting via phone.

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