Saudi Arabia says cooperation with Russia over oil 'going strong'
Oil pumps
Amidst a struggling oil market, Saudi Arabia and Russia, the world's leading oil producers, have intensified their focus on achieving market stability while positioning themselves to spearhead initiatives that can provide much-needed support to the flagging oil market.
Prince Abdulaziz Bin Salman, the Saudi Arabian energy minister, said at a conference on Wednesday that his nation's collaboration with Russia as a member of the OPEC+ alliance is "going strong" and that it "will do whatever is necessary" to stabilise the market.
The OPEC+ alliance, consisting of 23 oil-producing nations responsible for approximately 40 percent of the world's crude oil production, has actively engaged in implementing deliberate cuts to their production levels with the objective of boosting prices.
Saudi Arabia and Russia on Monday deepened their cuts in monthly oil supply.The move came amidconcerns over a global economic slowdown and a further rate hike by the US Federal Reserve.
While the oil-rich West Asian kingdom has extended its voluntary oil output cut of one million barrels per day till August, adding that the cut could also be extended beyond that month.
Almost immediately after the Saudi announcement, Russian Deputy Prime Minister Alexander Novak said his sanctions-hit country would cut oil exports by 500,000 barrels per day in August.
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However, after a brief spurt in prices, oil prices remained flat at $76.30 per barrel, failing to surpass the crucial threshold of $80-$100 per barrel. This range is considered necessary for many OPEC nations to balance their budgets.
In response to market conditions, the 23-member oil producers group clarified that it does not have specific price targets in mind. Instead, the alliance argued that it wants to achieve a balanced oil market that serves the best interests of both consumers and producers.