RIYADH: Saudi Energy Minister Prince Abdulaziz bin Salman clarified on Wednesday that the Russian oil export cut was voluntary and not imposed on them.
Speaking at the 8th OPEC International Seminar in Vienna, Prince Abdulaziz highlighted the significance of Russia’s oil cut as it directly affects exports.
The minister explained that a thorough review of Russia’s numbers was conducted with the assistance of seven independent entities who confirmed the accuracy of the review. He emphasized that Russia’s decision to cut oil exports was voluntary, demonstrating their commitment to the cause.
Earlier this week, Saudi Arabia announced an extension of its voluntary oil output cut of 1 million barrels per day for another month, including August, with the possibility of further extension. In response, Russia also revealed plans to reduce its oil exports by 500,000 barrels per day in August.
The combined cuts from Saudi Arabia and Russia amount to 1.5 percent of global supply, contributing to a total reduction pledged by OPEC+ (Organization of the Petroleum Exporting Countries and its allies) of 5.16 million barrels per day.
Relations Between Saudi Arabia and Russia
Prince Abdulaziz noted that the decision to cut oil output was also aimed at addressing speculations and mitigating cynicism surrounding the Saudi Arabia-Russia relationship. The minister emphasized their commitment to fairness and meeting market demands, as well as their willingness to address questions from observers.
Highlighting the strength of the Russia-Saudi oil cooperation within the OPEC+ alliance, Prince Abdulaziz assured that they would take all necessary measures to support the market. He further mentioned that the recent OPEC+ meeting on June 4 thoroughly assessed market conditions and implemented appropriate actions.
The energy minister stressed the importance of transparency among OPEC+ members and beyond, along with a strong foundation of collaboration and communication to benefit the market. He emphasized the need to focus on core issues and foster collaboration for a prosperous future.
