SAUDI, RUSSIA AGREE TO KEEP OIL OUTPUT ‘UNCHANGED’

Fri 17 March 2023:

Saudi Arabia and Russia on Thursday confirmed their commitment to the OPEC+ decision to reduce oil production by two million barrels per day until the end of 2023, Anadolu reported.

This came during a meeting held in Riyadh between the Saudi Minister of Energy, Prince Abdulaziz Bin Salman, and the Russian Deputy Prime Minister, Alexander Novak, according to the Saudi Press Agency (SPA).

During the meeting, the two officials discussed ways to develop bilateral relations as well as global oil market conditions and the continuation of cooperation between the two countries within the framework of the OPEC + group to enhance the stability of the global oil market.

The confirmation comes two days after the Saudi energy minister rejected the possibility of imposing a price ceiling on Saudi oil exports, stressing that Riyadh “will not sell oil to any country that imposes a price ceiling on Saudi oil supplies”.

On Wednesday, US senators said they had reintroduced the NOPEC bill. The No Oil Producing and Exporting Cartels (NOPEC) bill is intended to protect US consumers and businesses from engineered oil spikes by group action from bodies such as OPEC and OPEC+.

Last October, the OPEC+ producers agreed to reduce production by two million barrels per day, starting from November 2022, for a year. The United States denounced the decision and accused Saudi Arabia of siding with Russia in the war against Ukraine.

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