Saudi Arabia Plans to Continue Voluntary Oil Output Cuts as Long as Necessary

 / Go to the mediabankRussian Deputy Prime Minister Alexander Novak and Saudi Energy Minister, Prince Abdulaziz bin Salman al-Saud attend the 2023 Russian Energy Week international forum at the Manezh Central Exhibition Hall in Moscow, Russia / Go to the mediabankInternationalIndiaAfricaMOSCOW (Sputnik) – Saudi Arabia plans to continue voluntary oil production cuts for as long as necessary to ensure market stability, Saudi Energy Minister Prince Abdulaziz bin Salman stated on Thursday.The minister told a Russian broadcaster that the country will continue these cuts, noting that it will review whether to deepen the cuts or increase oil production every month.The oil market cannot be left unsupervised, it is necessary to act ahead, taking into account great challenges, the official added.

"This market cannot be left without guardianship. And that's why we need to take all precautions. It cannot be left to fend for itself. We need to be proactive, especially given the huge challenges," he said in an interview with a Russian TV channel, commenting on the situation on the oil market.

WorldGlobal Oil Market Now Balanced, Situation Constantly ChangingYesterday, 18:25 GMT

Moscow and Riyadh Should Maximize Mutual Trade

Russia and Saudi Arabia should try to maximize trade turnover between the countries, should not reduce relations to only one sector, Prince Abdulaziz bin Salman stated.

"We [Russia and Saudi Arabia] should try to maximize joint trade and joint investments, and it is not obligatory to restrict cooperation to a particular sector of the economy," the energy minister stressed.

The official emphasized that the countries should expand the scope of mutual relations, and “as soon as an opportunity for mutual benefit opens up,” it should be realized.EconomyTrade Between Russia, Saudi Arabia Increased by 20% in 7 Months – NovakYesterday, 10:20 GMTPrince Abdulaziz bin Salman also stated that Russia and Saudi Arabia should work together to develop energy technologies to reduce carbon dioxide (CO2) emissions.

Russian, Saudi Companies Show Interest in Cooperation in Various Industries

There is enormous interest from Russian and Saudi companies in cooperation in various industries, Russian Deputy Prime Minister Alexander Novak stated.

"We see great interest from Russian companies in various areas, be it energy, transport, housing and communal services, industry, and from Saudi companies in developing cooperation. There are fields that can be developed," the Russian minister told journalists on the sidelines of the Russian Energy Week.

Given the interest in cooperation, the authorities should remove barriers and restrictions, the official stressed.Over the first nine months of the year, trade between Russia and Saudi Arabia has increased by 20% compared to the same period of the last year, Novak added.WorldEnlargement of BRICS to Contribute to Fairer Global Governance – South African President3 September, 22:34 GMT

European Gas Market Going Through Serious Transformation

The European gas market is currently going through a serious transformation, its consequences have yet to be assessed, the Russian minister said.There is a gas shortage in Europe, which is reflected in the fact that a very large decrease in consumption occurred based on the results of last year, the official stated.

"In general, a serious transformation is taking place, and its consequences for consumers and residents of European countries will have to be assessed in the future," Novak said.

Energy Crisis in EuropeGas Futures in Europe Up by 8.6%, Nearing $400 Per 1,000 Cubic Meters8 September, 06:52 GMTEvents in the Middle East have not yet seriously affected oil prices, which means market does not yet consider risks high, the minister noted.

Global Diversification of Gas Industry Underway in Russia

There is currently a process of global diversification of the gas industry in Russia, with the focus on an increase in supplies to the east, the development of liquefied natural gas, the Russian deputy prime minister stated.

"Our development vector is mainly supplies to the east, the development of liquefied natural gas, which can be supplied anywhere in the world by transport. We are also undergoing global diversification of our gas industry at the moment," Novak told journalists.

AnalysisRussia Winning War Against West’s ‘Hot Air’ Oil and Gas Sanctions Threat7 September, 21:09 GMT

Main Task of OPEC+ to Balance Market, not to Determine Oil Price

Making forecasts for the price of oil is a thankless business, the market itself determines prices, and the main task of OPEC+ is to balance supply and demand, the minister told the media.

"We usually do not say specific figures because it is a thankless activity. There is an understanding that our task is not to set specific figures, but a balance and a long-term understanding of how the market will develop," Novak said when asked about his forecast for oil prices by the end of this year.

“The market itself will determine the prices, and we hope that the main goal, which is the stable operation of the market, will be ensured also thanks to our joint actions,” he added. WorldBRICS Expansion Will Strengthen OPEC+, Provide More Leverage – US Economist Jeffrey Sachs1 September, 04:19 GMTThe Russian Energy Week is taking place in Moscow from October 11 to 13. Sputnik is the forum’s media partner.


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