Novak: Russia is ready to increase supplies of petroleum products to Saudi Arabia
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Deputy Prime Minister Alexander Novak said that Russia is ready to increase the supply of petroleum products to Saudi Arabia.
“Russia is ready to increase supplies of petroleum products to Saudi Arabia. This interaction has high potential,” he said at the Russian Energy Week (quote according to TASS).
According to the results of seven months, trade turnover between the countries increased by almost 20%, the Deputy Prime Minister said. “We are targeting a multiple increase in volume to $7 billion by 2030,” he noted. Novak added that the Russian Federation is counting on cooperation between domestic companies and Saudi Aramco in the field of artificial intelligence (AI).
In early September, Russia and Saudi Arabia extended voluntary reduction in oil exports. The Russian Federation has reduced supplies by 300,000 barrels per day until the end of December 2023. Novak recalled that this measure is in addition to the previously announced reduction in oil production by 500,000 barrels per day, which will be in effect until the end of 2024. Saudi Arabia has reduced production oil by 1 million barrels/day.
As the asset manager noted, “BKS world of investment” Vitaly Gromadin in an interview with Vedomosti, Russia’s extension of voluntary restrictions until the end of 2023 is a logical step, since the market expected similar measures from Saudi Arabia.
The decision was made “within the framework of the OPEC+ policy to ensure the stability of the oil market,” explained managing expert of the PSB Analytics and Expertise Center Ekaterina Krylova.
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