Russia signals readiness to bolster its supply of oil products to Saudi Arabia, a stance highlighted by officials in recent remarks reported by TASS, citing Deputy Prime Minister Alexander Novak during the Russian Energy Week forum.
The commentary underscored a strong potential for Russia–Saudi collaboration in the oil products sector. Data from the first seven months of 2023 show a notable increase in bilateral trade, rising by nearly 20 percent, which the parties hope to translate into a business volume of seven billion dollars by 2030.
Novak also emphasized the role of domestic enterprises in Russia, particularly in the artificial intelligence space, collaborating with Saudi Aramco on strategic initiatives. In early October, Russia and Saudi Arabia extended the validity of a mutual agreement to voluntarily curb oil production. Under this arrangement, Russia is set to reduce exports by 300 thousand barrels per day by the end of 2023, supplementing the previously announced reduction of 500 thousand barrels per day by the end of 2024. This coordinated action aims to contribute to a more orderly pattern in global oil markets.
Analysts view the extension of production limits as a rational move to support stability in oil prices, while Saudi Arabia has also been working to balance supply through a combination of reductions and market adjustments. The latest developments reflect ongoing efforts by both nations to manage energy diplomacy in a volatile global environment.
Previously, the IMF noted a stable export profile for Russian oil, a factor that continues to inform policymakers and market participants about Russia’s energy export trajectory and the broader implications for European and North American energy security and pricing dynamics.