Saudi Foreign Minister: OPEC+ Oil Production Cut Deal Does Not Require Revision

Saudi Foreign Minister Prince Faisal bin Farhan Al Saud said the Kingdom sees no need to revise the oil production cut deal reached under the OPEC+ alliance.

“We always say that we are committed to market stability. The market does not need any changes in production until the end of the year, ”Reuters quotes the foreign minister.

On October 5, 2022, the countries participating in the OPEC+ agreement agreed at a direct meeting in Vienna to reduce oil production by two million barrels per day starting from November, and the deal was also extended until the end of 2023.

From the US government’s point of view, the OPEC+ decision showed that Saudi Arabia is aligning its energy policy with Russia’s.

US President Joe Biden spoke in this regard in favor of revising relations between Washington and Riyadh, and the authorities of the kingdom categorically disagreed with this, and the head of the Saudi Arabian Foreign Ministry also stressed that the OPEC + decision has no political significance and is purely economic in nature. . nature.

A meeting of representatives of the US energy departments and OPEC countries will take place before the end of this week on the sidelines of the Ceraweek energy conference in Houston, a source at the conference said.

The source said: “Representatives of the US and OPEC have been meeting at the conference for five years now, and it is also scheduled for this week. Representatives of leading US energy companies will also take part in it.”

The source added that this year’s meeting will focus on oil pricing and its impact on the price ceiling for Russian oil and OPEC’s production plans, and the meeting is usually held behind closed doors.

The source indicated that the meeting will be attended by representatives of the Kingdom of Saudi Arabia and the United Arab Emirates.

Source: TASS

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