Russia, Saudi Arabia, Kazakhstan discuss OPEC+, express intention to compensate any previous overproduction within their own quotas

MOSCOW. Nov 27 (Interfax) - Russian Deputy Prime Minister Alexander Novak has held trilateral talks in Kazakhstan with OPEC+ co-chair and Saudi Arabian Energy Minister Abdulaziz bin Salman (via phone) and Kazakh Energy Minister Almassadam Satkaliyev, the Russian government said in a press release.

"The participants emphasized the importance of maintaining stability and balance in global oil markets and highlighted the significant role OPEC+ plays in this regard. They also stressed the importance of cooperation among OPEC+ countries and reaffirmed their full commitment to the agreement on cutting oil production, including the voluntary reductions agreed upon by eight member countries," it said.

"The parties also expressed their intention to compensate for any previous overproduction within their own quotas. The Kazakh Energy Minister confirmed his country's full commitment to the agreement, voluntary cuts in production, and compensation for increased production according to the updated schedule submitted to the OPEC Secretariat," it said.