Saudi Arabia expressed dissatisfaction with Russia due to the fact that, according to the kingdom, it did not fully fulfill the promise to cut oil production against the backdrop of Western sanctions. This is written by The Wall Street Journal.
The sources say senior Saudi officials have asked the Russian side to abide by the agreed cuts. The WSJ interlocutors added that tensions between the countries are becoming more evident ahead of the OPEC+ ministerial meeting scheduled for June 4.
Earlier, several OPEC+ countries announced voluntary cuts in oil production. Russia, like Saudi Arabia, decided to cut production by 500 thousand barrels. per day from May until the end of the year. In total, the reduction in fuel production should amount to 1.66 million barrels. per day in addition to agreements to reduce production by 2 million barrels. per day, concluded in October last year.
As Deputy Prime Minister Alexander Novak announced, in March Russia will voluntarily reduce oil production by 5%, or 500,000 barrels. per day. The cuts were later extended until June and then until the end of the year.
On May 17, Novak said that Russia had reached the announced reduction. He clarified that oil production in the country this year will decrease by 20 million tons compared to 2022, to 515 million tons.
Meanwhile, the International Energy Agency is of the opinion that in April Russia did not adhere to the promised level of reduction.
Source: Rosbalt
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