Russia-Saudi relations “as warm as the weather in Riyadh”, Prince Abdulaziz says
SMA NEWS – RIYADH
Russia-Saudi relations “as warm as the weather in Riyadh”, the Kingdom’s energy minister Prince Abdulaziz bin Salman told media on Thursday after attending a meeting in Russia with the country’s deputy prime minister.
The meeting between Prince Abdulaziz bin Salman and Novak lasted for more than an hour.
The Prince made a surprise appearance at the St. Petersburg International Economic Forum while not being listed on an official schedule.
Russia could continue cooperating within the OPEC+ oil production agreement beyond 2022, Deputy Prime Minister Alexander Novak said, after a meeting with Saudi Arabia’s energy minister.
Russia could continue to cooperate with OPEC+ even after the current deal expires at the end of this year, Novak said.
“Everything will depend on the market situation — whether it will require any quotas or it will be a charter-based cooperation,” he said. “It will be clear by year-end.”
Novak said the meeting was an important one, and the officials discussed oil prices and balance forecasts.
Asked whether OPEC+ partners are complaining about Russian underproduction, Novak told reporters after the meeting: “We see the current situation (on the global oil market) as balanced despite some uncertainties.”
He said the oil market was balanced, but there were still lots of uncertainties.
The high-profile meeting comes as Russia is pumping less oil than it current OPEC+ quota calls for after Western sanctions saw some buyers either refuse or delay taking Russian barrels.
