Saudi Arabia and Russia reaffirmed an agreement between OPEC and its allies, which they say will mean increasing oil production by 1 million barrels a day.
Their joint announcement came days after U.S. President Donald Trump said he’d received assurances from Saudi Arabia that the kingdom could boost output by double that amount. The White House backpedaled from the assertion the same evening.
Energy ministers Khalid Al-Falih and Alexander Novak spoke on the phone on Monday, and reiterated the terms of the agreement reached last month in Vienna, according to statements from the Saudi and Russian energy ministries.
The Organization of Petroleum Exporting Countries and its partners agreed on June 23 that they have cut output far more than originally intended in a deal struck in 2016, and should restore some supply. The two statements reiterated that this involves an adjustment “equivalent to an additional 1 million barrels a day.”
