Saudi energy minister says relations with Russia are ‘as warm as the weather in Riyadh’ – Eurasia Review

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Russian-Saudi relations “as hot as the weather in Riyadh”, the Kingdom’s energy minister, Prince Abdulaziz bin Salman, told media on Thursday after attending a meeting in Russia with Saudi Arabia’s deputy prime minister. country.

The meeting between Prince Abdulaziz bin Salman and Novak lasted more than an hour.

The prince made a surprise appearance at the St. Petersburg International Economic Forum without being listed on an official schedule.

Russia may continue to cooperate under the OPEC+ oil production deal beyond 2022, Deputy Prime Minister Alexander Novak said after a meeting with Saudi Arabia’s energy minister.

Russia could continue to cooperate with OPEC+ even after the current agreement expires at the end of this year, Novak said.

“It will all depend on the market situation – whether quotas are needed or whether it is charter-based cooperation,” he said. “It will be clear by the end of the year.”

Novak said the meeting was important and officials discussed oil prices and balance forecasts.

Asked whether OPEC+ partners are complaining about Russian underproduction, Novak told reporters after the meeting, “We consider the current situation (in the global oil market) to be balanced despite some uncertainties.”

He said the oil market was balanced, but there was still a lot of uncertainty.

The high-level meeting comes as Russia pumps less oil than its current OPEC+ quota requires after Western sanctions saw some buyers refuse or delay buying Russian barrels.

Russian crude oil production rose to 9.273 million barrels per day in May from 9.159 million bpd in April, according to an OPEC+ document released Thursday, and Novak has promised to add more next month as Moscow is seeing strong demand from India and China.

Yet Russia was producing 1.2 million bpd less last month than its 10.55 million bpd quota required, sparking speculation that Moscow could be suspended from the pact.

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