Saudi says oil cuts show not at odds with Russia

[bronxiteforever]

Vienna (AFP) – Saudi Arabia on Wednesday dismissed talk of discord with oil ally Russia, praising their coordinated decisions to remove barrels from the market in efforts to prop up prices.
Issued on: 05/07/2023 - 14:46

Oil producers are grappling with falling prices and high market volatility amid fears of global economic slowdown and the Russian invasion of Ukraine, which has upended economies worldwide.

On Monday, Riyadh said that it would extend a production reduction of one million barrels per day (bpd), which began in July, to August to boost prices.

… Speaking at an OPEC seminar in Vienna on Wednesday, Saudi Energy Minister Prince Abdulaziz bin Salman said the coordinated announcement was "quite telling". "Part of what we have done with the help of our colleagues from Russia was also to mitigate the cynical side of the spectators on what is going on between Saudi Arabia and Russia," he added.

Moscow and Riyadh have not always talked with one voice regarding oil quotas, with Russia less enthusiastic than Saudi Arabia about cutting production as it needs the revenue amid its war in Ukraine and Western sanctions.

More here
https://www.france24.com/en/live-news/20230705-saudi-says-oil-cuts-show-not-at-odds-with-russia

Birds of a feather….

[Victor_c3]

1. In the long-term, higher oil prices are good

It makes renewables and renewable infrastructure more cost effective. Once renewable infrastructure is built, it tends to stick around. In the long run, this means oil will lose more and more market share as it is displaced.

[Lovie777]

2. Partners in crime..............................

[Alexander Of Assyria]

3. American presidents won't call the dictator murderer of Saudi a dictator or a murderer...hypocrisy.

Hypocrisy can be forgotten, for a price,…and the dictators of Saudi have found that balance between evil and money.

[multigraincracker]

4. Money?

Can we raise the price of arms sold to SA to cover our cost of gas used by our government?