2023-07-05 09:03:00
Prince Abdulaziz bin Salman: Reducing Russian exports was a voluntary decision and was not imposed on them
Dubai – Al Arabiya.net
Posted on: July 05, 2023: 01:03 PM GST Last updated: July 05, 2023: 02:19 PM GST
Saudi Energy Minister Prince Abdulaziz bin Salman said that Saudi Arabia is no longer the “weighted producer”, but rather “OPEC +” that plays this role.
Prince Abdulaziz bin Salman stressed, during his speech at the eighth international symposium of OPEC in Vienna, to continue facing the challenges facing the energy markets.
The Minister of Energy said that the data and reviews of the International Energy Agency lead to an imbalance in the market.
He explained that the reduction in Russian exports was a voluntary decision and was not imposed on them.
Last Monday, Saudi Arabia said that it would extend voluntary production cuts of one million barrels per day until August, while Russia volunteered to reduce production and export levels in the same month by 500,000 barrels per day, and Algeria by 20,000.
The total production cuts currently amount to more than 5 million barrels per day, or the equivalent of 5% of the total global oil production.
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