Saudi energy minister says OPEC+ to do ‘whatever necessary’ to support oil market

Russia-Saudi oil cooperation is still going strong as part of the OPEC+ alliance, which will do “whatever necessary” to support the market, Saudi Energy Minister Prince Abdulaziz bin Salman told a conference on Wednesday.

OPEC+, a group comprising the Organization of the Petroleum Exporting Countries and allies including Russia which pumps around 40 percent of the world’s crude, has been cutting oil output since November.

Saudi Arabia and Russia, the world’s biggest oil exporters, deepened oil supply cuts on Monday. OPEC says it is seeking to have a balanced oil market to meet the interests of both consumers and producers.

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The United States, the biggest oil producer outside OPEC+, has repeatedly called on the group to boost production to help the global economy and has criticized Saudi cooperation with Russia after Moscow’s invasion of Ukraine. But Riyadh has repeatedly rebuffed US calls and Prince Abdulaziz said on Wednesday that new joint oil output cuts agreed by Russia and Saudi Arabia this week have again proven sceptics wrong.

“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 said.

“It is quite telling seeing us on Monday coming out with not only our (oil cut) extension… but also with validation from the Russian side,” he told a meeting of oil industry CEOs with ministers from OPEC and allies, known as the OPEC International Seminar.

Asked about the markets’ muted reaction to the recent production cuts, Prince Abdulaziz called for patience as he deplored the prevailing “negativism.”

“We will do whatever is necessary, whatever it takes” to stabilize prices, he added.

After the end of the broadcast, Prince Abdulaziz told the seminar that OPEC+ would do “whatever necessary” to support the market, according to a source who attended the meeting.

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