The Russian Energy Minister, Alexander Novak, on Wednesday, held a phone conversation with   his Saudi Arabian counterpart, Abdulaziz bin Salman Al Saud, in which, both expressed commitment to oil market stability and maintaining oil price balancing, Iran Press reports.

A statement by Russian Energy Ministry said, “After the negotiations, the two sides confirmed in a joint statement that Russia and Saudi Arabia remain firmly committed to achieving market stability and accelerating the restoration of the oil market balance.”

“Apart from that, the joint statement read that two sides are sure that their partners from the OPEC+ have the same goals and will respect the provisions of the OPEC+ deal.”

Both ministers expressed gladness over the recent increase in global oil demand, noting that   countries across the world are now less concerned over oil storage challenges.

“We are also pleased with the recent signs of improvements in economic and market indicators, especially the growth in oil demand and the ease in concerns about storage limits as various countries around the globe begin to emerge from their stringent lockdowns.” the ministers said.

According to the statement,”Alexander Novak welcomes the significant voluntary output cuts by Saudi Arabia and steps taken by the United Arab Emirates and Kuwait to support Saudi Arabia’s effort,” adding that the Russian Energy Minister has eulogized the  actions of the three Countries, describing it as necessary measure for restoring the oil market balance.

Saudi Arabia had on Monday made a voluntary  cuts of its oil output by  additional 1 million barrels a day — the lowest in 18 years — as part of its bid to save the oil market. This new cuts lowered the country’s output down to 7.5 million barrels a day for June delivery.

Before the  price war between the Kingdom and Russia, which started early in March, the country’s output per day was 12.3 million. The war worsen the already existing crisis in the market, caused by the impacts of COVID-19, leading to a continuous plunge in the prices of crude.

To stabilize the price of crude, the Kingdom initiated a meeting, which resulted in the 9th  and 10th Extraordinary Meetings of the Organization of Petroleum Exporting Countries (OPEC) and its allies, led by Russia, held on April 10 and 12.

After the two consecutive Extraordinary Meetings of OPEC+, an output cut of 9.7 million barrels — approximately– 10 million barrels per day was agreed,  with  Saudi Arabia and Russia to supply 8.5 million barrels each per day.

As at 7:30 pm (WAT), Wednesday, Brent crude sold for $29.41 while the prices of West Texas Intermediate crude and OPEC basket of 14, stood at $25.43 and $22.83 respectively, according to Oilprice.com.