Saudi Arabia to Continue Cooperation with Russia in OPEC+ Agreement

The Russian news agency RIA Novosti reported on Tuesday that Saudi Energy Minister Prince Abdulaziz bin Salman stated that "Saudi Arabia will continue to cooperate with Russia in the OPEC+ agreement to help maintain stability in the oil market." The agency quoted him during the Future Investment Initiative conference in the Saudi capital, Riyadh, saying that without this Saudi-Russian cooperation, along with the participation of other OPEC+ member countries, Saudi Arabia would not have been able to achieve this stability compared to other markets, and that the country will continue this cooperation. The OPEC+ group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, made no changes to oil production policy in October after Saudi Arabia and Russia stated they would maintain voluntary production cuts to support the market.