Saudi Arabia will continue to work with Russia to maintain stable oil prices. This was confirmed by Prince Faisal bin Farhan Al-Saud who is the Foreign Minister of Saudi.
Saudi is saying in their statements that Russia has an important place to stabilize the condition of the oil market in the world, and in the OPEC too. So, we looking forward to maintaining this relationship with this country Russia.
The diplomat of Saudi Arabia said that because of Russia’s presence in the market of crude oil, they all have experienced relative stability and significant price changes in the world in typical situations.
In the past years, the prices of Liquefied natural gas shrank down as Europe cut away from Russia and looked for other suppliers in the market which is already facing hard. Asian LNG spot prices are down about 67% from record highs this summer, but it is still more than double from 2021 levels.
Brent crude prices shot above around $130 a barrel last year after the Russian attack on Ukraine, but now it also goes down as this Thursday a barrel was $86.30. Keeping the international crude benchmark well below last year's historic high.
A group of oil-exporting nations led by Saudi Arabia and Russia named OPEC+ had decided to reduce oil production by 2 million barrels per day in October.
Though always Riyadh was blamed by the Western country and the US because of its ally and good relation with Russia.
But Saudi Arabia always defended the move and aligned with Russia by saying that it was necessary to support prices and further investment, as this was when the Russian-Ukraine war was at its peak. The world market was hit by inflation. But at the same time, the world had seen that the sanctions on Moscow because of the war, had impacted negatively the relationship between Saudi and Moscow. However, they are part of OPEC+.
Russia has underperformed regular markets in Riyadh in Asia by cutting crude oil prices, while the kingdom is selling more in Europe. And Saudi is on the way to join them.
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