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Wednesday, Jul 06, 2022

Russia-Saudi relations as warm as 'Riyadh weather', Prince Abdulaziz says

Russia-Saudi relations as warm as 'Riyadh weather', Prince Abdulaziz says

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman described the relations between Riyadh and Moscow “as warm as the weather in Riyadh”.
The Saudi minister met on Thursday with Russia’s deputy prime minister Alexander Novak at the St. Petersburg International Economic Forum.Russia could continue cooperating within the OPEC+ agreement for oil production beyond 2022, Deputy Prime Minister Alexander Novak said, even after the current deal expires at the end of the year.

“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.

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