Middle Eastern media citing the Financial Times
- Saudi Arabia plans to continue its Opec+ partnership with Russia despite western pressure on Moscow and a potential EU ban on Russian oil imports.
- Prince Abdulaziz bin Salman, the energy minister, told the Financial Times that Riyadh was hoping "to work out an agreement with Opec+ . . . which includes Russia", insisting that the "world should appreciate the value" of the alliance of producers, the newspaper reported.
And, on output plans ahead for the cartel:
- Prince Abdulaziz told the FT that he could not predict what the new Opec+ agreement might look like, given the uncertainties in the market, but was confident that the group would increase production "if the demand is there".
Currently, in line with the 2020 OPEC+ agreement, alliance members raised total production each month by 430,000 barrels a day. In theory. In reality:
- Russia's output dropped by about about one million barrels per day (b/d) between March and April, and the International Energy Agency predicts that it could fall further, declining by as much as 3mn b/d if western powers do end up imposing tougher sanctions on Russia.
- Other cartel members are facing capacity constraints limiting thier output increases