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Saudi Arabia plans to include Russia in a new agreement with “OPEC +”

Saudi Arabia plans to include Russia in a new agreement with “OPEC +”

Saudi Energy Minister Prince Abdulaziz bin Salman stated that Riyadh expects to strike a deal with “OPEC Plus,” which includes Russia, but that it is too early to discuss specifics.

Riyadh expects to “reach an agreement with “OPEC Plus,” which includes Russia,” he said in an interview with the “Financial Times.”

The minister stated that it is premature to discuss the terms of the new deal due to market uncertainty, but that “OPEC +” will boost output “if there is demand.”

He stated that politics should not interfere with the operation of “OPEC +,” but that governments should support energy investment to solve difficulties in the fields of production and refining.

Given the market’s uncertainties, Prince Abdulaziz said it was too early to determine what the new accord may look like, but that OPEC+ would boost output “if demand existed.”

“It’s too early to try to establish an ‘agreement’ with the pandemonium you’re seeing today,” he continued.

“What we know is that what we have achieved in giving is enough for people to say so far that there is an advantage, and there is value in being there and working together,” Prince Abdulaziz bin Salman remarked.

OPEC + committed to its 2020 agreement, which calls for alliance members to increase overall output by 430,000 barrels per day per month.

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