Saudi Arabia has asked Russia to comply with the agreement on limiting oil production, writes The Wall Street Journal, citing sources. The Saudis believe that Moscow has not fully fulfilled its promises, which hinders the efforts of Riyadh, which is trying to increase energy prices.
According to the sources of the newspaper, the differences between the countries are “very noticeable” on the eve of the meeting of ministers of the OPEC+ member countries. During this meeting, which will be held on June 4 in Vienna, the participants of the organization will discuss the oil production plan for the second half of 2023.
Oil prices plummeted in March, and in April, Saudi Arabia and other OPEC+ members announced they were cutting production by 1.65 million barrels per day. At the same time, Russia continues to supply large volumes of oil to the market, where there is an oversupply, oil industry officials and traders told the WSJ. Oil prices in May fell by almost 10% compared to April. On Friday, May 26, Brent traded at $76.95 per barrel.
The International Energy Agency said in an April report that Russian oil exports reached 8.3 million barrels per day this month, more than in any other month since the start of the war in Ukraine. Almost 80% of deliveries were made to India and China.
