On Wednesday, Saudi Energy Minister Prince Abdulaziz bin Salman said that the latest round of production cuts by the world’s biggest exporters, Russia and Saudi Arabia is more evidence of the strong relationships between Moscow and Riyadh.

On Monday, Saudi Arabia said it would extend its voluntary output cuts of one million barrels per day through August. Simultaneously, Russia announced that it would implement a 500,000 barrel per day cut in its exports beginning next month. Combined, the new production cuts will add up to 1.5% of global crude supply.

In a meeting of oil industry CEOs and ministers at the OPEC+ International Seminar in Vienna, bin Salman said, “It is quite telling seeing us on Monday coming out with not only our [oil production cut] extension… but also with validation from the Russian side.”

Prince Abdulaziz noted the deep cooperation between Russia and Saudi Arabia within the OPEC+ alliance, and pledged his nation would do “whatever necessary” to support the market.

He said, “In the last move this week, yes, we are all continuing with our voluntary cut, but again, part of what we have had done with our colleagues from Russia was also to mitigate the cynical side of spectators about what was going on with Saudi Arabia and Russia.”

The Saudi prince hailed Russia for imposing its production cut, noting the voluntary move would profoundly affect exports.

He added, “We worked with seven independent entities to review Russia’s numbers, and they stood by the review. It is a voluntary cut; it was not mandatory, which shows their commitment.”

The latest round of production cuts comes on top of voluntary reductions, adding up to 1.66 million barrels per day, which were imposed by some members of OPEC+ in April, and later were extended until the end of 2024. Those cuts came on top of cuts which were imposed in November of 2022, which bring the total production cuts currently in effect to 3.66 million barrels per day, effective through the end of 2023.

OPEC+ is comprised of the nations of the Organization of Petroleum Exporting Countries, as well as allied oil producing nations including Russia. Together it produces approximately 40% of the crude oil in the world.