Saudi Arabia Confirms Commitment to the OPEC+ Deal With Russia
Life-saving for Russia that Saudis won't be waging an oil war against it like Obama got them to do in 2014-15
Crown Prince Mohammed bin Salman made the comments during a conversation with French President Emmanuel Macron that also covered the situation in Ukraine and its impact on the energy markets, said the agency.
“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 added.
Russia's currency is nominally the RUB, but Russia's currency functionally is oil and gas, and this currency is rising against every other currency in the world.
This seems like a subtle but important nuance many are ignoring but which gives Russia some unappreciated options.
— Luke Gromen (@LukeGromen) February 28, 2022
Members of OPEC+ – a group of 23 nations led by Saudi Arabia and including Russia – 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+.
Source: Middle East Eye