Saudi Foreign Minister: Statements Attributed by media to Russian President Are Completely Devoid of Truth

Saturday 1441/8/11 - 2020/04/04
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Riyadh, Apr 3, 2020, SPA -- The Saudi Minister of Foreign Affairs His Highness Prince Faisal bin Farhan Al Saud said that a statement attributed by media to President Vladimir Putin of the Russian Federation, claimed that one of the reasons for the decline in oil prices was the Kingdom's withdrawal from the deal of OPEC + and that the kingdom was planning to get rid of shale oil producers.
The Minister affirmed that what was mentioned is fully devoid of truth and that the withdrawal of the kingdom from the agreement is not correct, but that Russia was the one that refused the agreement, while the Kingdom and 22 other countries were trying to persuade Russia to make further cuts and extend the agreement, yet Russia has not agreed.
He also stressed that the Kingdom's stance on shale oil production is known as it is an important part of energy sources and that the Kingdom is also seeking to reach more production cuts and achieve balance in the oil market, which is in the interest of shale oil producers, contrary to what was issued by Russia and its desire to keep prices low to affect shale oil.
The Minister of Foreign Affairs expressed surprise at the distortion of facts, hoping that Russia would take the right decisions in the urgent meeting on which the Kingdom called yesterday to be held for OPEC + and the group of other countries so as to reach a fair agreement that restores the desired balance of oil markets in order not to subject energy markets to risks again.
--SPA
06:41 LOCAL TIME 03:41 GMT
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