During a government meeting, Saudi Arabia affirmed its plan to broaden the measures within the OPEC+ framework to keep oil markets steady. The announcement appeared in an official statement released by the Saudi Press Agency.
In the statement, the Council of Ministers reiterated Saudi Arabia’s intent to intensify the actions taken by OPEC+ members to preserve balance and calm in the oil market. It was noted that the production decline, which had been extended through August, might be extended again if necessary.
Earlier, Saudi officials indicated that no oil sales would be completed using the yuan. Amin Nasser, chairman of Saudi Aramco, stated that oil supply has risen recently. With the Russian side increasing supply to Asia, Saudi Arabia decided to boost its export volume to Europe. Recently, a contract was reportedly signed with the Polish company PKN Orlen, illustrating the shift in trade dynamics.
Meanwhile, sanctions on Russia were extended by the United States Treasury, affecting the broader energy and financial landscape. [Source: Saudi Press Agency]