Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman has denied Russian Energy Minister’s statement that it was the Kingdom that refused to extend OPEC+ deal and withdrew from it, state news agency SPA reports citing a statement.
“What was stated is incorrect and contrary to the truth altogether. The Kingdom’s oil policy stipulates working on the balance of markets and its stability in a way that serves the interests of producers and consumers alike,” SPA cited Prince Abdulaziz as saying.
“His Highness pointed out that the Russian Energy Minister is the initiator and who spoke to the media saying that countries are no longer obligated to cut output which started April 1, which led to countries increasing their production to offset the lower prices to compensate for the shortfall in revenues,” SPA quoted Saudi Arabia’s Energy Minister Prince Abdulaziz as saying.
In a seperate statement, Saudi Arabia’s Minister of Foreign Affairs Prince Faisal bin Farhan described Russian President Vladimir Putin’s statements on the reason for the decline in oil prices being a result of Saudi Arabia’s withdrawal from the OPEC+ deal as “devoid of truth.”
Saudi Arabia unexpectedly called an urgent meeting of oil exporters on Thursday after US President Donald Trump revived slumping oil prices with a tweet saying he expected the Kingdom and Russia to cut production by 10-15 million barrels per day.
The global oil market and prices have fallen by about two-thirds this year.
Al Arabiya English's Matthew Amlôt contributed to this report.