Saudi Arabia confirms its commitment to the OPEC+ agreement with Russia, the Saudi Press Agency reports.
Crown Prince Mohammed bin Salman makes the comments during a conversation with French President Emmanuel Macron that also covers the situation in Ukraine and its impact on the energy markets, the agency says.
“In this regard, His Royal Highness the Crown Prince affirmed the Kingdom’s keenness on the stability and balance of oil markets and the Kingdom’s commitment to the OPEC Plus agreement,” the agency says.
Members of the OPEC+ oil producers’ group will meet Wednesday to discuss loosening the taps — just days after Russia’s invasion of Ukraine sent crude soaring past $100 a barrel.
The 13 members of OPEC proper will be joined by their 10 allies in the OPEC+ group at the teleconference meeting.
While Saudi Arabia is seen as the kingpin of the original OPEC member states, Russia is the major player among the 10 other countries that make up OPEC+.