Moscow wants to reduce crude prices on global markets, which is negatively reflected in the shale oil sector in the United States of America, while Saudi Arabia seeks to respond by raising the rates of oil production in the Kingdom.
The Saudi Foreign Minister, Prince Faisal bin Farhan, said in statements published by the official news agency (SPA), that he had seen a statement attributed to the Russian president in one of the media, during which he saw that one of the reasons for the decline in oil prices is the kingdom’s withdrawal from the OPEC + deal and that Riyadh plans to dispose Producer of shale oil.
Prince Faisal bin Farhan assured that “what has been mentioned is completely false and totally untrue to the truth,” noting that “Russia is the one that came out of the agreement, while the Kingdom and 22 other countries were trying to persuade Russia to make more cuts and extend the agreement, but that Russia has not agreed to that. ”
The Saudi foreign minister added that his country seeks “to achieve a 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 influence shale oil.”
Prince Faisal bin Farhan expressed his surprise “falsifying the facts, saying that he hopes that Russia will take correct decisions in an urgent meeting called by the Kingdom yesterday to OPEC + and the group of other countries, to reach a” fair agreement that restores the balance of oil markets. ”
At the same pace, the Saudi Energy Minister, Prince Abdulaziz bin Salman, denied what was stated in the statements of the Russian Energy Minister, Alexander Novak, that the Kingdom refused to extend the OPEC + agreement and withdrew from it.
The Saudi Minister of Energy said that the Kingdom made great efforts with OPEC + countries to reduce the 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 by 22 countries, was not acceptable to the Russian side, according to the agency Saudi News.
Prince Abdulaziz bin Salman stated 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 countries increasing their production to offset lower prices to compensate for the shortfall in revenue.”