Saudi Arabia wants to continue cooperation with Russia in oil club OPEC+ as usual and challenges Biden
If it were up to Saudi Arabia, Russia's role in oil cartel OPEC+ would not change substantially, despite the war in Ukraine.
With that stance, the Middle Eastern country undermines the U.S.-led effort to further isolate Moscow.
On increasing oil production to counter price increases, Minister Abdulaziz bin Salman said that is possible "if there is a demand for it."
Read also: Germany to stop using Russian oil at the end of this year anyway, even if European boycott fails due to Hungary's resistance
Russia's role in oil cartel OPEC+ will not change substantially despite the war in Ukraine.
That message was expressed by Saudi Arabia, the largest oil-producing country in OPEC+ which includes some allies such as Russia and Kazakhstan in addition to OPEC members, wrote the British business newspaper The Financial Times.
Saudi Arabia hopes to "work out an agreement with OPEC+, which therefore includes Russia," Energy Minister Abdulaziz bin Salman told the FT. The "world should appreciate the value" of the alliance, he told the newspaper. With that stance, Saudi Arabia is undermining the U.S.-led effort to further isolate Moscow.
In three months, OPEC+'s current agreement to limit oil production to prop up prices will expire. These date back to April 2020. The U.S. has previously asked OPEC members to increase oil production to ensure that prices come down.
According to Saudi Arabia, OPEC countries' production can go up "if there is a demand for it." The country considers it too early to estimate what a new agreement would look like.
The volume of Russian oil exports has recently rebounded to the level it was at before the Russian invasion of Ukraine. The war in Ukraine was accompanied by a spike in oil prices, and this has benefited Russia's oil revenues.
These revenues have increased by 50 percent since the beginning of 2022, with the Kremlin generating nearly $20 billion in revenue each month, according to the International Energy Agency.
https://www.businessinsider.nl/saoedi-arabie-rusland-opec-biden-sancties/
If it were up to Saudi Arabia, Russia's role in oil cartel OPEC+ would not change substantially, despite the war in Ukraine.
With that stance, the Middle Eastern country undermines the U.S.-led effort to further isolate Moscow.
On increasing oil production to counter price increases, Minister Abdulaziz bin Salman said that is possible "if there is a demand for it."
Read also: Germany to stop using Russian oil at the end of this year anyway, even if European boycott fails due to Hungary's resistance
Russia's role in oil cartel OPEC+ will not change substantially despite the war in Ukraine.
That message was expressed by Saudi Arabia, the largest oil-producing country in OPEC+ which includes some allies such as Russia and Kazakhstan in addition to OPEC members, wrote the British business newspaper The Financial Times.
Saudi Arabia hopes to "work out an agreement with OPEC+, which therefore includes Russia," Energy Minister Abdulaziz bin Salman told the FT. The "world should appreciate the value" of the alliance, he told the newspaper. With that stance, Saudi Arabia is undermining the U.S.-led effort to further isolate Moscow.
In three months, OPEC+'s current agreement to limit oil production to prop up prices will expire. These date back to April 2020. The U.S. has previously asked OPEC members to increase oil production to ensure that prices come down.
According to Saudi Arabia, OPEC countries' production can go up "if there is a demand for it." The country considers it too early to estimate what a new agreement would look like.
The volume of Russian oil exports has recently rebounded to the level it was at before the Russian invasion of Ukraine. The war in Ukraine was accompanied by a spike in oil prices, and this has benefited Russia's oil revenues.
These revenues have increased by 50 percent since the beginning of 2022, with the Kremlin generating nearly $20 billion in revenue each month, according to the International Energy Agency.
https://www.businessinsider.nl/saoedi-arabie-rusland-opec-biden-sancties/
Saudi Arabia wants to continue cooperation with Russia in oil club OPEC+ as usual and challenges Biden
If it were up to Saudi Arabia, Russia's role in oil cartel OPEC+ would not change substantially, despite the war in Ukraine.
With that stance, the Middle Eastern country undermines the U.S.-led effort to further isolate Moscow.
On increasing oil production to counter price increases, Minister Abdulaziz bin Salman said that is possible "if there is a demand for it."
Read also: Germany to stop using Russian oil at the end of this year anyway, even if European boycott fails due to Hungary's resistance
Russia's role in oil cartel OPEC+ will not change substantially despite the war in Ukraine.
That message was expressed by Saudi Arabia, the largest oil-producing country in OPEC+ which includes some allies such as Russia and Kazakhstan in addition to OPEC members, wrote the British business newspaper The Financial Times.
Saudi Arabia hopes to "work out an agreement with OPEC+, which therefore includes Russia," Energy Minister Abdulaziz bin Salman told the FT. The "world should appreciate the value" of the alliance, he told the newspaper. With that stance, Saudi Arabia is undermining the U.S.-led effort to further isolate Moscow.
In three months, OPEC+'s current agreement to limit oil production to prop up prices will expire. These date back to April 2020. The U.S. has previously asked OPEC members to increase oil production to ensure that prices come down.
According to Saudi Arabia, OPEC countries' production can go up "if there is a demand for it." The country considers it too early to estimate what a new agreement would look like.
The volume of Russian oil exports has recently rebounded to the level it was at before the Russian invasion of Ukraine. The war in Ukraine was accompanied by a spike in oil prices, and this has benefited Russia's oil revenues.
These revenues have increased by 50 percent since the beginning of 2022, with the Kremlin generating nearly $20 billion in revenue each month, according to the International Energy Agency.
https://www.businessinsider.nl/saoedi-arabie-rusland-opec-biden-sancties/