Sat 04 April 2020:
Saudi Arabia’s Minister of Foreign Affairs Prince Faisal bin Farhan described Russian President Vladimir Putin’s statements on the reason for the decline in oil prices being a result of Saudi Arabia’s withdrawal from the OPEC+ deal as “devoid of truth.”
“The Minister affirmed that what was mentioned is fully devoid of truth and that the withdrawal of the kingdom from the agreement is not correct, but that Russia was the one that refused the agreement, while the Kingdom and 22 other countries were trying to persuade Russia to make further cuts and extend the agreement, yet Russia has not agreed,” read a statement on the state-run Saudi Press Agency.
“He also stressed that the Kingdom’s stance on shale oil production is known as it is an important part of energy sources and that the Kingdom is also seeking to reach more cuts and achieve oil market equilibrium for the interest of shale oil producers, contrary to what was issued by Russia and its desire to keep prices low to influence shale oil,” the statement added.
Separately, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman denied the Russian Energy Minister’s statement that it was the Kingdom that refused to extend OPEC+ deal and withdrew from it.
Saudi Arabia unexpectedly called an urgent meeting of oil exporters on Thursday after US President Donald Trump revived slumping oil prices with a tweet saying he expected the Kingdom and Russia to cut production by 10-15 million barrels per day.
The global oil market and prices have fallen by about two-thirds this year.
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