IANS | 04 Apr, 2020
Saudi Arabia on Saturday denied withdrawing from the OPEC+ deal and its plan to get rid of shale oil producers.
The
state-run Saudi Press Agency published two separate statements by the
Minister of Foreign Affairs Prince Faisal bin Farhan Al Saud and
Minister of Energy Prince Abdulaziz bin Salman Al Saud both denying
media reports in this regard, reports Xinhua news.
The news
agency quoted several claims by Russian officials which hinted Saudi
Arabia's withdrawal from the deal of OPEC+ and its plan to get rid of
shale oil producers.
The Foreign Minister denied the reports and
accused Russia of refusing the agreement, while the Kingdom and 22 other
countries were trying to persuade Moscow to make further cuts and
extend the agreement, yet it has not agreed.
He also stressed
that the Kingdom's stance on shale oil production, saying "the stance is
known as it is an important part of energy sources and the Kingdom is
also seeking to reach more production cuts and achieve balance in the
oil market, which is in the interest of shale oil producers".
The
Minister hoped Russia would take the right decisions in the urgent
meeting on which the Kingdom called on Thursday to be held for OPEC+ and
other countries so as to reach a fair agreement that restores the
desired balance of oil markets in order not to subject energy markets to
risks again.
Meanwhile, the Energy Minister said that the
Kingdom's oil policy focused on maintaining market balance and stability
in the interests of both producers and consumers.
He said that Saudi Arabia has exerted efforts with OPEC+ countries to take action to prevent a glut in the oil market.
