Saudi min: Fresh oil cuts prove ties with Russia 'strong' - Breaking The News

Saudi min: Fresh oil cuts prove ties with Russia 'strong'

5 July

1 min read

EPA-EFE/MAHMOUD KHALED

Saudi Energy Minister Abdulaziz bin Salman said on Wednesday that the latest cuts in oil production announced by both Riyadh and Moscow demonstrate the two nations' "strong" relations and collaborative efforts to support the market.

"What we have done, with the help of our colleagues in Russia, is also partly aimed at alleviating the skepticism of those who follow what is going on between Saudi Arabia and Russia in this particular regard," the minister told OPEC International Seminar in Vienna. The minister clarified that Moscow's decision to slash oil production by an additional 500,000 barrels per day (bpd) in August was "voluntary" and not "imposed on them."

Previously, United Arab Emirates Energy Minister Suhail Al Mazrouei underlined that the country will not be joining in voluntary oil production cuts, saying that Moscow and Riyadh's output reductions should be enough to help stabilize the crude market.

oil russia-saudi arabia relations abdulaziz bin salman

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