The Prince of Saudi Arabia rules out any connection between the decline in oil production and Russian support.

Prince of Saudi Arabia, Chairman of the Kingdom’s Council of Ministers Mohammed bin Salman Al Saud, said that OPEC+’s decision to reduce oil production is not aimed at helping Russia. According to him, the organization acted according to supply and demand indicators.

“If there is a supply shortage, our role in OPEC+ is to fill that shortage. If there is an oversupply, our role as OPEC+ is to measure it for market stability,” the prince said in an interview FoxNews.

September 20, Russian Deputy Prime Minister Alexander Novak statedthat by the end of this year the Russian Federation will reduce oil exports by 300 thousand barrels per day, to the average level of exports that developed in May-June.

Also about the reduction in exports announced Saudi Arabia. The Kingdom said it would maintain a reduction in oil exports to 1 million bpd until the end of this year. This reduction complements the agreement to limit production concluded by OPEC+ countries last year. According to the IEA, restrictions on oil production by OPEC+ countries will lead to a significant shortage of oil on the world market in the second half of 2023.

Lusine Balasyan