Saudi Arabia and Russia agreed to further cooperate on their oil production adjustments to rebalance the global oil market, according to an OPEC statement on Wednesday.
'[Russian] President [Vladimir] Putin, Saudi Crown Prince [Mohammed bin Salman] agree on further coordination on oil output adjustment,' the OPEC Secretariat announced on its official Twitter account.
The world's two largest crude oil producers after the US are also the leaders of the 23-nation group known as OPEC+.
The group agreed last month to start lowering the total crude production of member states by 9.7 million barrels per day (bpd) from May 1 until June 30.
With Saudi Arabia and Russia settling their differences and agreeing further coordination on their oil production, the market looks promising after a disagreement between the two countries in early March caused a sharp decline in crude prices
During the OPEC+ meeting in Vienna, Austria on March 6, Russia was reluctant to make deeper cuts in its oil production level, advocating that further and longer cuts in output would help US shale oil producers.
However, after oil prices fell from $45 per barrel to around $30 a barrel in early April, Moscow agreed to lower its output with OPEC+ countries.
By Ovunc Kutlu