Saudi Arabia and Russia Display Solidarity in the Oil Market

The top energy officials of the OPEC+ leaders told Rossiya 24 that market uncertainties must be closely monitored, saying that the global oil situation is like a yo-yo. “We must take every precaution,” Saudi Arabia’s Prince Abdulaziz al-Saud said, referring to the recent price swings. “We can’t leave it to chance. We must act now, given the multifaceted problems.” Russia’s Deputy Prime Minister, Alexander Novak, said on Wednesday that the global oil market is “in a rather delicate and fragile state, but balanced” because of the cooperation within OPEC+ and its allies. “The balance may be affected by a decrease in global economic growth,” he said. OPEC+ and its allies are currently making additional supply cuts, in addition to those already agreed, to avoid a surplus in the market. Without the supply cuts, oil prices would have dropped to around $50 a barrel in London, according to the International Energy Agency (IEA).

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