Moscow and Riyadh are looking to stay close at a time when many are questioning the prospect of US-sponsored Saudi-Israel normalization efforts
Saudi Arabia’s Energy Minister, Abdulaziz bin Salman, called during an interview with Russian media on 12 October for an increase in the volume of trade exchange between Riyadh and Moscow.
Speaking to the Russia 24 news channel, the energy minister said that the two states “must strive to increase the volume of trade and joint investments, and there is no need to focus on one specific sector of the economy.”
Bin Salman also said that it was necessary to be “proactive” on the oil market, which needs stabilization and “cannot be left on its own.”
“We are not magicians; it is hard to forecast what will happen on the market even in half a year.”
Russian Deputy Prime Minister, Alexander Novak, said during the same interview that Russia’s agreement with OPEC+ for a slash in production levels in October last year had a stabilizing effect on the market.
Last year, the powerful oil bloc agreed to a 2 million bpd oil production cut. The White House was taken aback at the time, and accused Saudi Arabia and other OPEC+ members of “aligning with Russia.”
The production cuts were extended earlier this year until 2024, coinciding with continued development in the economic relationship between Russia and oil-producing Gulf states, most prominently Saudi Arabia.
Source: The Cradle
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