#SaudiArabia signals support for #Russia’s role in Opec+ as sanctions pressure mounts | Financial Times

Saudi Arabia signals support for Russia’s role in Opec+ as sanctions pressure mounts | Financial Times

Saudi Arabia has signalled it will stand by Russia as a member of the Opec+ group of oil producers despite tightening western sanctions 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 the “world should appreciate the value” of the alliance of producers. 

A new production deal is on the agenda as Opec+ output quotas put in place in April 2020 are set to expire in three months while energy consumers grapple with oil prices at their highest levels in a decade. 

Prince Abdulaziz’s comments are an important sign of support for Russia from a traditional US ally as the west tries to isolate the country and its oil production falls, raising questions about its place in the Opec+ group.