Help the refugees

If you move around the world by choice, consider helping those forced from their homes by conflict. Donate to the UN Refugee Agency today.

Home News Saudi Arabia and Russia express unity ahead of OPEC+ summit

Saudi Arabia and Russia express unity ahead of OPEC+ summit

Published on 19/12/2020

Saudi Arabia and Russia on Saturday said they backed each other ahead of a key OPEC+ oil summit, following a tumultuous year of differences over oil production and volatile prices.

Earlier this month, the 13-member Organization of the Petroleum Exporting Countries (OPEC), plus allies including Russia — a group known as OPEC+ — said that from January 2021 they would raise production by 500,000 barrels per day.

Saudi Oil Minister Prince Abdulaziz bin Salman said the OPEC+ cooperation charter had brought the group together, producing “good results”.

“That’s why it should be perpetuated,” he told reporters in a broadcast on state-run Al Ekhbariya TV.

Russian Deputy Prime Minister Alexander Novak said Moscow “once again confirmed our loyalty” to existing agreements.

“We plan to work together in order to achieve a balanced situation… and to propose solutions aimed at stabilising the market,” Novak said.

OPEC+ will hold an online summit on January 4, while Riyadh and Moscow are due to hold talks in March, a meeting hoped to be “in person”, Prince Abdulaziz said.

At the start of the year, a price war had pitted Saudi Arabia against Russia, the third and second largest oil producers respectively, as the oil market was hit hard by the Covid-19 pandemic.

But faced with Moscow’s refusal to reduce production in line with OPEC cuts, Riyadh had sharply increased its own, causing prices to plummet.

Earlier this month, the OPEC+ group struck a deal to increase production over coming months.