Saudi Arabia, Russia vow mutual commitment to oil market stability

3D printed oil pump jack is seen in front of displayed Opec logo in this illustration picture

RIYADH - Saudi Arabia and Russia vowed in a joint statement on Wednesday their commitment to oil market stability.

The statement was released following a phone call between Saudi Energy Minister Abdulaziz bin Salman bin Abdulaziz and his Russian counterpart Alexander Novak, in which they reviewed oil market developments, the Saudi Press Agency reported.

The statement highlighted the firm commitment of the two states to achieving the goal of market stability and expediting the rebalancing of the oil market.

"We are confident that our partners within OPEC+ are fully aligned with our goals and they will comply with the OPEC+ agreement," the statement said, hailing producers around the world who have willingly adjusted their production.

The statement noted signs of improvements in economic and market indicators, including oil demand growth.

The Russian official welcomed the additional voluntary production cuts made by Saudi Arabia and the steps United Arab Emirates and Kuwait took to support Saudi efforts.