Saudi Minister of Energy, Prince Abdulaziz bin Salman Al Saud, denied the statement made by his Russian counterpart, on Friday, which claimed that Saudi Arabia declined to extend the OPEC+ agreement, among other steps also taken by the Kingdom that have negatively affected the oil market.
These claims are totally false, the Saudi minister said, emphasizing that the Kingdom’s oil policy is focused on maintaining market balance and stability in the interests of both producers and consumers, the Saudi Press Agency reported.
He also noted that the Kingdom has made great efforts with OPEC+ countries to reduce oil market surplus on lower global economic growth. However, no agreement has been reached as the Kingdom’s proposal which was approved by 22 countries was rejected by Russia.
The Russian Minister of Energy was first to declare to the media that all the participating countries are discharged of their commitments starting from April 1st, this led countries to raise their production in order to offset lower prices and mitigate their loss of returns, Prince Abdulaziz added .
He also expressed his surprise at the attempts to bring Saudi Arabia into conflicts about shale oil industry, which is completely false and well recognized by Russia.
The Russian statements in this regard, particularly, the statements made by their CEO’s, are also well-known and clear for all. It is also clear that the Kingdom is one of the major investors in the US energy sector.
Saudi Arabia is still welcoming discussions to find solutions to the oil market challenges. It has also called for an emergency meeting of OPEC+ members and a number of other countries, in line with its commitment to cooperation, Prince Abdulaziz concluded.
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