Lavrov: Moscow, Riyadh see no reason for undermining interest in OPEC+

Russia and Saudi Arabia are aimed at strengthening cooperation in the global oil market and don’t see any reasons that could undermine the interest in their cooperation within the OPEC+, Russian Foreign Minister Sergey Lavrov said on March 10 at a joint press conference following talks with Saudi Arabian Foreign Minister Faisal bin Farhan Al Saud, Report informs referring to TASS.

‘We have confirmed the focus on strengthening our cooperation in the world hydrocarbon markets. We don’t see any events at this stage that, if they are realized, will undermine the interest in our mutual cooperation. This is an objective reality, and it has a long-term, stable character, in my opinion,’ Lavrov noted.

The minister added that the actions of the participants in the OPEC+ deal are aimed at sustainable stabilization and an increase in oil prices.

Lavrov noted that they will be able to balance the global crude market and avoid serious shocks for the global economy, even if other producers increase output.

‘We will certainly find an opportunity to coordinate our actions in such a way as to ensure a balance of interests of both producers and consumers. The current price level more or less reflects this balance. I think we will do it in such a way so that the world economy wouldn’t suffer from serious jumps and falls,’ he said.

OPEC+ has cut oil production by 9.7 million barrels per day since May due to a drop in demand caused by the coronavirus pandemic. As demand recovered, the restrictions were adjusted, and as of March they amount to 7.05 million barrels per day.

Moreover, in February and March, only Russia and Kazakhstan got the opportunity to slightly increase production.

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