Saudi Arabia Stressed That Russia Voluntarily Reduced Oil Production
Russia’s 500,000 barrels per day cut in oil exports was not forced upon it, it was a voluntary decision, compliance checks will be monthly, said Saudi Energy Minister Prince Abdulaziz bin Salman.
“We did this (reduction – ed.) partly with the support of colleagues from Russia … We received confirmation from the Russian side that Russia will maintain a reduction in oil exports by 500 thousand … we worked hard with seven independent sources who checked Russia’s compliance with its obligation, and this check will be carried out on a monthly basis,” the minister said, speaking at an OPEC seminar in Vienna.
He added that “this reduction by Russia was not imposed on her, it was voluntary.”
Earlier, Saudi Arabia announced the extension of the voluntary production cut by 1 million barrels per day, which began in July, to August. A little later, Deputy Prime Minister of the Russian Federation Alexander Novak announced that Russia would reduce oil exports in August by 500,000 barrels per day. The Algerian Ministry also announced a new reduction in production in August – by 20,000 barrels per day.
Saudi Arabia, after the OPEC+ meeting on June 4, announced that it would further reduce production by 1 million barrels per day in July for a month. It was noted that the reduction could be extended.
In addition, in early April, a number of OPEC+ countries, including Saudi Arabia, announced a voluntary reduction in oil production from May to the end of 2023 in the amount of 1.16 million barrels per day (above their current quotas), calling this step a preventive measure for maintaining market stability. The kingdom had a reduction of 500 thousand barrels per day. Russia, in turn, extended its voluntary production cut by 500 thousand barrels per day until the end of the year.
The Eighth International OPEC Seminar, which brought together representatives of oil-producing countries and heads of world energy companies, takes place over two days, July 5 and 6, in Vienna.
