Despite international pressure to increase production, the Saudi cabinet, chaired by King Salman bin Abdulaziz, reaffirmed its commitment to the OPEC + agreement, a pact signed by 10 major crude oil producers and Russia to gradually pump more oil into the market. to meet the demand. a statement from the saud state news agency on tuesday.
The cabinet was briefed on a conversation between Saudi Crown Prince Mohammed bin Salman and French President Emmanuel Macron on Sunday, where the kingdom expressed its desire “for the stability and balance of oil markets”, the state agency said.
Oil prices rose above $ 100 a barrel after Russia launched an invasion of Ukraine last week, boosting pressure on the global economy, which is already rocked by rampant inflation.
Russia’s economy is heavily dependent on oil and gas revenues, and Moscow wants prices to remain high. Saudi Arabia is under strong pressure from developed economies to increase production.
The Saudi cabinet discussed “the situation in Ukraine and its impact on energy markets, as well as the kingdom’s quest for stability and balance in oil markets and its commitment to the agreement (OPEC Plus),” the Saudi news agency reported.
The Saudi cabinet also called for “de-escalation” and “political decision in Ukraine”, the state news agency reported. This is Saudi Arabia’s first official response to the Russian invasion, which began last week.
Saudi Arabia – a major ally of the United States – has not presented a pro-Western stance on Russia’s invasion of Ukraine.