Saudi Arabia's coordination with OPEC+ countries, which include Russia, is the basis for increasing the stability of global oil markets, Saudi Energy Minister Abdulaziz bin Salman Al Saud told the Saudi Press Agency in an interview published Thursday evening.
According to the agency, the head of the Saudi energy ministry said that "at the international level, there is coordination between the kingdom and OPEC+." The minister noted that this coordination is "the cornerstone of efforts to improve the stability of global oil markets, to maintain their balance and security of supply, which supports the growth opportunities of the world economy." He recalled that both OPEC and non-OPEC countries, including a number of Arab states, are parties to the OPEC+ agreement.
Abdulaziz bin Salman Al Saud added that the kingdom is interested in cooperation with Arab countries in the field of energy. According to him, this cooperation is seen in coordinating joint actions of Arab countries, as well as in many projects, programs and initiatives. The minister noted that Riyadh has signed a number of memorandums of understanding in the energy sector with some Arab countries, including Egypt, Oman, Jordan and Iraq. These understandings are aimed at increasing cooperation in electricity, renewable energy, clean hydrogen production, oil and gas and petrochemicals, and other energy-related fields.
The countries participating in the OPEC+ agreement agreed to cut oil production by 2 million bpd starting in November and extended the deal through the end of 2023 when they met on Oct. 5, 2022. The White House said at the time that the decision demonstrated that Saudi Arabia was aligning its energy policy with Russia. The kingdom's authorities strongly disagreed. The head of Saudi Arabia's foreign ministry stressed that the OPEC+ decision had no political motives and was "purely economic in nature."
GSV "Russia - Islamic world"
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Based on materials from TASS