October 25, 2019 / 6:37 PM / a month ago

Russia affirms close oil cooperation with Saudi Arabia, OPEC+

FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries sits outside its headquarters in Vienna, Austria, July 2, 2019. REUTERS/Lisi Niesner/File Photo

MOSCOW (Reuters) - Russia’s energy ministry said on Friday it continues close cooperation with Saudi Arabia and OPEC and non-OPEC oil producers to enhance market stability and predictability.

Its statement came a day after Igor Sechin, CEO of Russian oil giant Rosneft, said the September attacks on Saudi oil assets created doubts over its reliability as a supplier.

“The quick restoration of the production capacity in Saudi Arabia after the drone attacks has once again underscored professionalism and reliability of the largest producers in the industry,” the ministry said.

“Russia continues active cooperation with Saudi Arabia and the OPEC+ partners in order to improve stability and predictability of the market.”

OPEC+, an alliance of OPEC members and other major producers including Russia, has since January implemented a deal to cut output by 1.2 million bpd to support the market.

The pact runs to March 2020 and the producers meet to review policy on Dec. 5-6.

Reporting by Vladimir Soldatkin; Editing by Andrew Cawthorne

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