Energy Minister Dismisses Remark of his Russian Counterpart Claiming Kingdom's Refusal of OPEC's Agreement Extension

Riyadh, Apr 3, 2020, SPA -- His Royal Highness Prince Abdulaziz bin Salman Al Saud, Minister of Energy of the Kingdom of Saudi Arabia dismissed the remarks made by HE Minister of Energy of the Russian Federation, on Friday, which claimed that it was Saudi Arabia that declined to extend the OPEC+ agreement, among other steps also taken by the Kingdom that have negatively affected the oil market. His Royal Highness stressed these claims are categorically false and contrary to fact, emphasizing that the Kingdom’s oil policy focused on maintaining market balance and stability in the interests of both producers and consumers, His Royal Highness noted that the Kingdom has exerted great efforts with OPEC+ countries to take action to prevent a glut in the oil market resulting from a decline in the global economic growth. However, this proposal made by the Kingdom and approved by 22 countries, unfortunately was not agreed upon by the Russian delegates, leading to non-agreement. His Royal Highness noted that the Russian Minister of Energy was first to declare to the media that all the participating countries are absolved of their commitments starting from April 1st. This led to the decision by countries to raise their production in order to offset lower prices and compensate for their loss of returns. His Royal Highness expressed his surprise at the attempts to bring Saudi Arabia into hostilities against the shale oil industry, which is completely false as our Russian friends recognize well. The Russian statements in this regard, particularly the statements made by their CEO’s, are well-known and clear for all. It is similarly clear for all that the Kingdom is a major investor in the US energy sector. His Royal Highness stressed that the Kingdom is still welcoming to anyone who wants to find solutions to the challenges of the oil market, and the Kingdom has called for an urgent meeting of OPEC+ countries in addition to a number of other countries, in line with its commitment to cooperation. --SPA