Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman Al Saud has dismissed the remarks made by Russian energy minister that Saudi Arabia had declined to extend the Opec+ agreement.

 

Prince Abdulaziz stressed these claims are categorically false and contrary to fact, emphasising that the kingdom’s oil policy focused on maintaining market balance and stability in the interest of both producers and consumers, said a Saudi Press Agency report.

 

He noted that the kingdom has exerted great efforts with Opec+ countries to take action to prevent a glut in the oil market resulting from a decline in the global economic growth. However, this proposal made by the kingdom and approved by 22 countries, unfortunately was not agreed upon by the Russian delegates, leading to non-agreement.

 

Prince Abdulaziz noted that the Russian minister was first to declare to the media that all the participating countries are absolved of their commitments starting from April 1. This led to the decision by countries to raise their production in order to offset lower prices and compensate for their loss of returns.

 

He expressed his surprise at the attempts to bring Saudi Arabia into hostilities against the shale oil industry, which is completely false as "our Russian friends recognise well. The Russian statements in this regard, particularly the statements made by their CEOs, are well-known and clear for all. It is similarly clear for all that the kingdom is a major investor in the US energy sector."

 

Prince Abdulaziz stressed that the kingdom still welcomes anyone who wants to find solutions to the challenges of the oil market, and the kingdom has already called for an urgent meeting of Opec+ countries in addition to a number of other countries, in line with its commitment to cooperation, the report said.