Saudi Arabia expressed hope for an OPEC + agreement with the participation of Russia

According to the country's energy minister, politics should not affect OPEC +,the current uncertainty in the markets does not allow us to talk about the final content of the agreement

Saudi Arabia expects to work out an agreement with OPEC + with the participation of Russia, despite attempts to put pressure on it through sanctions, the country's energy minister, Prince Abdulaziz bin Salman Al Saud, said in an interview with the Financial Times.

According to the minister, Riyadh believes that the world will appreciate the conclusion of this agreement. At the same time, it is too early to talk about the final content of the document, given the general uncertainty in the markets, he believes. Abdelaziz bin Salman pointed out that politics should not affect the affairs of OPEC+.

“This situation requires people to sit down together, focus, stop the masquerade and abandon the so-called political correctness ... It is about trying to establish a connection with the existing reality and find means to eliminate it,” the minister said.

As the Finacial Times points out, OPEC+ countries are now following the 2020 agreement, according to which they must increase total production by 430 thousand barrels per month. in a day. At the same time, production in Russia has now decreased from an average of 11 million barrels. up to 10 per day, the publication notes, citing data provider OilX.

Despite this, Abdulaziz bin Salman cited the lack of refinery capacity as the reason for the rise in prices. “At least over the past three years, the whole world has lost about 4 million barrels. refining capacities, 2.7 million of them only with the onset of COVID,” he said.

OPEC Secretary General warned of the impossibility of replacing oil supplies from Russia Politics

OPEC+ includes 23 countries that have jointly regulated the level of oil production since 2017. Before the pandemic, countries agreed to reduce production, then they decided to increase it. On May 5, the last meeting of ministers of the OPEC+ countries took place, as a result of which it was announced that until June the countries would continue to follow the rule of increasing production by 432 thousand barrels. per day. The next meeting, where the ministers will decide on the level of production, respectively, will be held in June.

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