COP28 Concludes 1st Week amid Expectations for Agreements

COP28 Concludes 1st Week amid Expectations for Agreements

Saudi Crown Prince, Putin Urge All OPEC+ Countries to Join Output Deal

This handout picture provided by the Saudi Press Agency (SPA) shows Saudi Crown Prince Mohammed bin Salman (R) walking with Russian President Vladimir Putin during a welcoming ceremony in the capital Riyadh on December 6, 2023. (Photo by SPA / AFP)

Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud and Russian President Vladimir Putin have commended the close cooperation between them and the successful efforts of the OPEC+ countries in enhancing the stability of global oil markets.

A joint statement said Thursday that they stressed the importance of continuing this cooperation, and the need for all participating countries to adhere to the OPEC+ agreement, in a way that serves the interests of producers and consumers and supports the growth of the global economy.

Following last week's OPEC+ meeting, Saudi Arabia agreed to extend voluntary oil output cuts of 1 million barrels per day (bpd) into the first quarter, while Russia said it would continue to curb oil exports by 300,000 bpd and additionally reduce its fuel exports by 200,000 bpd in January-March.

The total curbs amount to 2.2 million bpd from eight producers, OPEC said in a statement after the meeting