Russian Deputy Prime Minister Alexander Novak and Saudi Energy Minister Prince Abdul Aziz bin Salman Al Saud met in Riyadh to discuss the situation on the global oil market and the OPEC+ agreement. It has been reported Saudi Press Agency (SPA).
The publication points out that Novak and bin Salman discussed OPEC+’s efforts to stabilize and balance the oil market. In addition, the parties reiterated their commitment to OPEC+’s decision to reduce oil production by 2 million barrels per day (h/d) as of November, which was adopted at the alliance’s October meeting.
Formerly bin Salman declarationHe said Saudi Arabian energy companies would cut oil production if Western countries set marginal prices for raw materials from the Middle East country.
For the foreseeable future, such measures will lead to volatility and instability in supplies in the global energy market. For this reason, he declared that Saudi Arabia would have to respond to such steps by Western countries.
On March 15, Saudi Energy Minister Abdulaziz bin Salman Al Saud announced that the country would refuse to supply oil to countries that had a “ceiling” on Saudi supply prices. It made this statement in response to the No Oil Production and Exports Act (NOPEC) initiative, which implied the possibility of the United States making antitrust claims against OPEC members and partners.