Saudi Arabia, Russia insist oil production cuts be respected

Oil kingpins Saudi Arabia and Russia insisted Wednesday that OPEC members and their allies must respect production cuts agreed to stabilise the market.

The coronavirus pandemic slammed the global economy earlier this year, plunging oil prices into unprecedented negative territory before top exporters Saudi Arabia and Russia agreed to put aside their differences and make common cause to halt the slide.

Ahead of a virtual meeting of OPEC and non-OPEC producers to review the situation, Saudi Oil Minister Abdulaziz bin Salman and his Russian counterpart Alexander Novak hailed what they said were “encouraging” signs of recovering demand.