Media: Saudi Arabia did not initiate the reduction of oil production volumes

Media: Saudi Arabia did not initiate the reduction of oil production volumes


ABU DHABI, January 31. Saudi Arabia did not initiate the proposals on the reduction of oil production volumes in the framework of the possible agreement of the Organization of countries-exporters of oil (OPEC) and non-cartel countries. This was reported by TV channel Al Arabiya.

According to an informed Saudi source, “Saudi Arabia was not the initiator of proposals for the reduction of oil production by OPEC countries and other major oil producers to 5%, which is currently being discussed by some States, including Russia.”

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However, he noted that the Kingdom “intends to cooperate with other producers of raw materials to support the world oil market”. The source also confirmed the readiness of the Kingdom to participate “in any agreement between OPEC and other countries-oil producers, which would be aimed at halting the decline in the price is raw”.

Kuwait previously supported the negotiations between OPEC and non-cartel countries. “We will be very happy with this meeting” – said the Minister of Finance, acting Minister of oil of Kuwait, ANAS al-Saleh. He, however, said that “Kuwait in the current situation will follow the uniform policy of the organization”.

Last week Minister of energy Alexander Novak declared his readiness to personally take part in the upcoming February meeting of OPEC and other oil producers. The subject of the upcoming February consultations of the representatives of OPEC and outside it is the Union of producers of oil would be to reduce production to 5% of each of the countries, said Novak.

In the part of OPEC includes 12 countries: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Libya, United Arab Emirates, Algeria, Nigeria, Ecuador and Angola. The status of observer countries in OPEC are Mexico, Egypt, Oman, and Russia, which participates in the sessions of this organization since 1998.

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