Saudi Arabia Denies Rejecting to Extend OPEC+ Deal

Business

April 4th, 4:44am

Asharq Al-Awsat

FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries (OPEC) sits outside its headquarters ahead of the OPEC and NON-OPEC meeting, Austria December 6, 2019. REUTERS/Leonhard Foeger

Saudi Arabia rejected on Saturday Russia's remarks that the Kingdom has rejected to extend the OPEC+ deal to cut output. Saudi Energy Minister Prince Abdulaziz bin Salman denied the comments made by his Russian counterpart on Friday, according to a statement carried by Saudi state news agency SPA. "The Russian Minister of Energy was the first to declare to the media that all the participating countries are absolved of their commitments starting from the first of April, leading to the decision that the countries have taken to raise their production to offset the lower prices and compensate for their loss of returns," Prince Abdulaziz said in a statement. The Saudi foreign minister also said early on Saturday that a statement attributed to Russian President Vladimir Putin about the Kingdom's withdrawal from the OPEC+ deal is not correct, and that Russia is the one that withdrew, SPA reported. Foreign Minister Prince Faisal bin Farhan added that the Kingdom's stance on shale oil production is known and that it is an important part of energy sources, SPA said.

from Asharq AL-awsat https://aawsat.com/english/home/article/2215716/saudi-arabia-denies-rejecting-extend-opec-deal