KSA & Russia Reaffirm Commitment to Output Cut

Saudi Arabia's energy minister Prince Abdulaziz bin Salman and his Russian opposite number Alexander Novak issued a joint statement on Thursday and said they were ready to take measures with other OPEC+ members on the oil market if necessary.

They also said both Russia and Saudi Arabia were committed to the global oil cuts deal. OPEC and other large oil producers, a group widely know as OPEC+, have agreed to reduce their combined oil production by 9.7 million barrels per day in May and June.