Saturday , February 4 2023

Putin agrees with Soudis to reduce the production reduction


Russian President Vladimir Putin on Friday announced that he has reached an agreement to increase his contract on the decline in oil production to support the price with Saudi Arabia.

"We agreed, we are going to expand this agreement, Russia and Saudi Arabia, because we will probably think about it for nine or nine months." He told reporters during a G-20 summit in Osaka, Japan.

This should be formalized in Vienna on Tuesday, at a meeting between 14 members of the Petroleum Exporting Countries (OPEC), including Saudi Arabia, and their ten partners under the leadership of Russia.

OPEC and its allies, who pump around half of the world's oil, decided in December that they will jointly supply 1.2 million barrels a day (MB). In the first quarter of the mediation, the price paid by the price paid per barrel was paid.

Putin said in an interview with Financial Times this week that "We believe our supply stabilization agreements (…) have had a positive effect." Faced with "stability" of the market, plenty of supplies and less demand.

The night of Saturday in Vienna, where the Saudi minister of energy, OPEC headquarters, Khalid al-Faleh, said that their "selection" was a renewal of the renewal of supply limits periodically. Nine months, and the same volumes.

"We will talk about it" in the meetings of oil exporting nations, which began Monday in the Austrian capital, Al-Falie told reporters in an interview. He said that oil demand is a bit slow but (k) market is still solid, he said that he hoped for rebalancing "in six to nine months".

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