Saudi Energy Minister denies the kingdom’s refusal to extend the OPEC + agreement


Source: Dubai –

Prince Abdulaziz bin Salman bin Abdulaziz, Saudi Energy Minister, denied on Friday night what was stated in the statement of the Russian Energy Minister, which stated that the Kingdom of Saudi Arabia refused to extend the OPEC + agreement and its withdrawal from it, along with its other steps that negatively affected the oil market. According to the Saudi Press Agency (SPA).

The Saudi Energy Minister stressed that “what was received is incorrect and contrary to the truth altogether and in detail,” stressing the Kingdom’s petroleum policy which stipulates working to balance and stabilize markets to serve the interests of producers and consumers alike, noting that the Kingdom has made great efforts with OPEC + countries to reduce The presence of a surplus in the oil market resulting from the low growth of the global economy, but this proposal, which was proposed by the Kingdom and agreed to by 22 countries, was not – unfortunately – accepted by the Russian side, and resulted in a lack of agreement.

He pointed out that the Russian Energy Minister is the initiator of the exit to the media and declaring that countries are in the process of discharging their obligations as of the first of April, which led to increased countries in their production to meet the price drop to compensate for the shortfall in revenue.

According to the Saudi Press Agency, the high-ranking Saudi official expressed his surprise at the “involvement in the production of shale oil, which is recognized by Russian friends and their endeavors and their statements in this regard are known, especially the managers of their companies, and this is not hidden to everyone, nor is it hidden to anyone that the Kingdom is a major investor in Energy Sector in the United States of America. “

“The kingdom opens its arms”

He stressed that the Kingdom is still opening its arms to those who wish to find solutions to the oil markets, especially as it has called for an urgent meeting of OPEC + and a group of other countries within the framework of the Kingdom’s permanent efforts to support the global economy in this exceptional circumstance, and in appreciation of President Trump’s desire to search for a market balance.

“Naked from health”

In the context, Saudi Foreign Minister Prince Faisal bin Farhan stressed that the statements attributed to Russian President Vladimir Putin about the drop in oil prices are “unfounded”.

The Saudi Foreign Minister said that a statement attributed to one of the media had been viewed by Russian President Vladimir Putin, guaranteeing that one of the reasons for the low oil prices was the withdrawal of the kingdom from the OPEC + deal and that the kingdom was planning to get rid of shale oil producers. According to what the Saudi Press Agency (SPA) reported.

Saudi Foreign Minister
Saudi Foreign Minister

The Foreign Minister asserted that what was mentioned is totally false and totally untrue and that the kingdom’s withdrawal from the agreement is incorrect, but that Russia was the one that came out of the agreement, while the Kingdom and 22 other countries were trying to persuade Russia to make further cuts and extend the agreement However, Russia did not agree to this.

The Saudi official also stressed that the Kingdom’s position on shale oil production is known and that it is an important part of energy sources and that the Kingdom is also seeking to reach more cuts and achieve market balance, which is in the interest of shale oil producers, contrary to what was issued by Russia and its desire to keep prices low to affect Shale oil.

According to “SPA”, the Saudi foreign minister expressed his surprise at the falsification of facts, hoping that Russia would take the right decisions in the urgent meeting that the Kingdom called for OPEC + and the group of other countries in order to seek a fair agreement that would restore the desired balance of oil markets and that energy markets would not be jeopardized once Other.


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