Russia, Saudi deal shows commitment to oil market stability: Novak

FILE PHOTO: Russian Energy Minister Alexander Novak attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia June 6, 2019. REUTERS/Maxim Shemetov/File Photo

FILE PHOTO: Russian Energy Minister Alexander Novak attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia June 6, 2019. REUTERS/Maxim Shemetov/File Photo

MOSCOW (Reuters) – Russia’s deal with Saudi Arabia on crude production cuts shows their commitment to stabilizing the oil market, Russian Energy Minister Alexander Novak said in a statement on Saturday.

Russia has agreed with Saudi Arabia to extend by six to nine months a deal with OPEC on reducing oil production.

Reporting by Katya Golubkova and Olesya Astakhova; Writing by Andrey Ostroukh; Editing by Edmund Blair

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