Saudi Energy Minister Abdulaziz bin Salman said on Wednesday that the latest cuts in oil production announced by both Riyadh and Moscow demonstrate the two nations’ “strong” relations and collaborative efforts to support the market. “What we have done, with the help of our colleagues in Russia, is also partly aimed at alleviating the skepticism of those who follow what is going on between Saudi Arabia and Russia in this particular regard,” the minister told OPEC International Seminar in Vienna. The minister clarified that Moscow’s decision to slash oil production by an additional 500,000 barrels per day (bpd) in August was “voluntary” and not “imposed on them.”
UAE: Latest Output Cuts Are Enough To Balance The Oil Market
The latest oil production and export cuts announced earlier this week by the OPEC+ leaders – Saudi Arabia and Russia –should be sufficient to bring the oil market back to balance, Suhail Al Mazrouei, the energy minister of the United Arab Emirates (UAE), said on Wednesday. “This is enough to assess the market and look at the market balance,” Al Mazrouei told reporters today, as carried by Reuters. At the OPEC International Seminar in Vienna today, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said that the OPEC+ alliance would do “whatever necessary” to support the oil market. The announcements from Saudi Arabia and Russia this week showed that cooperation between the two OPEC+ leaders continues to be strong, he added. “Part of what we have done (on Monday) with the help of our colleagues from Russia was also to mitigate the cynical side of the spectators on what is going on between Saudi and Russia on that specific matter,” Prince Abdulaziz bin Salman said. NN: To me its a settled business. At most its a waiting game.