Saudi Arabia is unhappy with Russia’s actions in the field of oil production. Riyadh believes that Moscow does not adhere to the agreements to reduce oil production adopted within the framework of the OPEC + cartel.
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The Wall Street Journal writes about this, citing sources. Top Saudi officials have asked their Russian counterparts to comply with the agreed cuts. Riyadh believes that Russia continues to supply the world market with more crude oil than agreed, and this leads to stagnation in oil prices, while Saudi Arabia would like them to rise.
Brent oil prices on the world market are now 10% lower than in early April, when the OPEC+ countries decided to cut production. The International Energy Agency also believes that, unlike Saudi Arabia, Russia has not reduced production by the promised 500 thousand barrels per day. Tensions are said to be rising ahead of the OPEC+ meeting scheduled for June 4.
Recall, the media reported that offshore oil exports from Russia are growing for the sixth week in a row, despite Moscow’s statements about the reduction in production. At the same time, Russian oil exports to India reached a record daily high in April.
Source: Racurs
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.