Saudi Arabia is ready to reduce oil production, but only with the participation of other countries, primarily Russia, according to a well-known Saudi expert and adviser on the international economy and the oil market, doctor of science Mohammed al-Sabban.
Earlier, Saudi Arabia called on the participants of the OPEC+ deal to gather for an emergency meeting with other countries to balance the oil market. The Wall Street Journal newspaper, citing sources, reported that oil-producing countries at the OPEC+ meeting on April 6 intend to discuss the possibility of reducing production by at least 6 million barrels per day. On Friday, a source told that OPEC+ will discuss on April 6 the possibility of reducing production by 10 million barrels per day. Russian President Vladimir Putin and Russian Energy Minister Alexander Novak said that the oil market requires joint actions, which Russian oil companies are ready to take, but together with OPEC+ and major oil producers such as the United States.
“Saudi Arabia is ready to reduce production on the condition that other oil producers, led by Russia, will also reduce it and adhere to it,” al-Sabban confirmed after media reports that Riyadh is ready to significantly reduce oil production if Russia and the United States join in.