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Saudi Arabia welcome outcome of OPEC+ meeting

In a phone call between Trump and Saudi crown prince Mohammed bin Salman, they both welcomed the outcome of OPEC+ meeting to cut oil output amid the consequences of the coronavirus outbreak and in line with the aspirations of the markets, in a way that enhances the growth of the global economy.

Saudi state news agency SPA said on late Sunday that Saudi Arabia’s king Salman, Russia’s president Vladimir Putin and his U.S. counterpart Donald Trump welcomed the outcome of the meeting during a separate joint phone call.

The three leaders expressed their comfort with the results of the efforts exerted to stabilize global oil markets, stressing the need for oil producing countries to continue to fulfill their responsibilities to stabilize oil markets and support the global economy, SPA added.

Earlier on Sunday, OPEC and allies led by Russia agreed to cut oil output by a record amount – representing around 10% of global supply – to support oil prices amid the Coronavirus pandemic.

Moreover, Iraq’s oil minister said late on Sunday that the big oil cut deal reached at an OPEC+ meeting would help stabilize the market.

Thamer al-Ghadhban said in a statement that the “massive oil cut deal will help lower oil inventories and boost prices.”