Russia is ready to increase supplies of oil products to Saudi Arabia. This was reported by TASS Referring to the speech of Deputy Prime Minister Alexander Novak at the Russian Energy Week.
According to him, the potential of Russian-Saudi cooperation in this field is high. Over the seven months of 2023, trade turnover between countries increased by almost 20%. The parties aim to increase the volume to 7 billion dollars by 2030.
Novak noted that Russia relies on the interaction of domestic companies in the field of artificial intelligence with Saudi Aramco. Russia and Saudi Arabia in early October elongated Validity of the agreement on voluntary reduction of oil production. Russia will reduce exports by 300 thousand barrels per day by the end of 2023. This is in addition to the previously announced reduction of 500 thousand barrels per day by the end of 2024.
According to experts, extending the restrictions is a logical step to stabilize oil prices. in saudi arabia reduced Production increased by 1 million barrels per day.
Previously IMF registered Stable exports of Russian oil.