It was Russia, not Saudi Arabia, that pulled out of OPEC+ deal: Saudi ministers

It was Russia, not Saudi Arabia, that pulled out of OPEC+ deal: Saudi ministers
The logo of the Organization of the Petroleum Exporting Countries (OPEC) outside its headquarters in Vienna, Austria. (REUTERS file photo)
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Updated 04 April 2020

It was Russia, not Saudi Arabia, that pulled out of OPEC+ deal: Saudi ministers

It was Russia, not Saudi Arabia, that pulled out of OPEC+ deal: Saudi ministers
  • Saudi foreign and energy ministers say Moscow's claim that Kingdom withdrew from the OPEC+ deal was unfounded
  • They said it was Russia that abandoned the agreement, leading to a collapse in world oil prices

RIYADH: Saudi Arabia's foreign and energy ministers on Saturday denied Russia's claim that the Kingdom abandoned the OPEC+ deal, leading to a collapse in world oil prices.

In a statement carried by the Saudi Press Agency (SPA), Foreign Minister Prince Faisal bin Farhan said "a statement attributed to one of the media of President Vladimir Putin of the Russian Federation claimed that one of the reasons for the decline in oil prices was the Kingdom's withdrawal from the deal of OPEC + and that the Kingdom was planning to get rid of shale oil producers."

"The minister affirmed that what was mentioned is fully devoid of truth and that the withdrawal of the Kingdom from the agreement is not correct," the statement said.

In fact Saudi Arabia and 22 other countries tried to persuade Russia to make further cuts and extend the deal, but Russia did not agree, it said.

Prince Farhan expressed surprise that Russia had to resort to "falsifying facts" when Saudi Arabia's stance on shale oil production is known, the statement said.

He pointed out that Saudi Arabia is one of the main investors in the energy sector in United States, implying that there is no reason for the Kingdom "to get rid of shale oil producers" as Russia has claimed.

He further said the Kingdom "is also seeking to reach more cuts and achieve oil market equilibrium for the interest of shale oil producers."

OPEC+ refers to the cooperation between members of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil producers. The cooperation deal which called for cuts in production by the producers was meant to stabilize oil prices. 

In a separate statement, Saudi Energy Minister Prince Abdulaziz bin Salman rejected Russian Energy Minister Alexander Novak’s similar claim that the Kingdom refused to extend the OPEC+ deal and withdrew from it.

Novak "was the first to declare to the media that all the participating countries are absolved of their commitments starting from the first of April," Prince Abdulaziz said in a statement.

He said Novak's statement led other countries to decide "to raise their production to offset the lower prices and compensate for their loss of returns." 

On Thursday, Saudi Arabia called for an urgent meeting of oil exporters after US President Donald Trump said he expected the Kingdom and Russia to cut production by 10-15 million barrels per day.

Prince Farhan said he was "hoping that Russia would take the right decisions in the urgent meeting" so that a "fair agreement that restores the desired balance of oil markets" could be achieved.

The global oil market has crashed, with prices falling to $34 a barrel from $65 at the beginning of the year, as a result of the coronavirus pandemic. 

Fuel demand has dropped by roughly a third, or 30 million barrels per day, as billions of people worldwide restrict their movements.

A global deal to reduce production by as much as 10 million to 15 million barrels per day would require participation from nations that do not exert state control over output, including the United States, now the world’s largest producer of crude.

A meeting of OPEC and allies such as Russia has been scheduled for April 6, but details were thin on the exact distribution of production cuts. No time has yet been set for the meeting, OPEC sources said.
 


Prince Fahd bin Jalawi bin Abdul Aziz, president of the West Asian Triathlon Federation

Updated 05 December 2020

Prince Fahd bin Jalawi bin Abdul Aziz, president of the West Asian Triathlon Federation

Prince Fahd bin Jalawi bin Abdul Aziz, president of the West Asian Triathlon Federation

Prince Fahd bin Jalawi bin Abdul Aziz was recently appointed president of the West Asian Triathlon Federation (WATF).

The federation’s general assembly on Friday recommended the prince, who is vice president of the Saudi Arabian Olympic Committee (SAOC), president of the Saudi Triathlon Federation and chairman of the Saudi Camel Federation, to chair the organization.

Prince Fahd graduated from Riyadh Schools in 2003 and attended King Saud University to study for a bachelor’s degree in law. He obtained an MBA in international relations from the University of Wales in 2012 and, three years later, received an executive master’s degree in sports organization management from Universite Catholique de Louvain in Belgium.

Prince Fahd was the president’s adviser of international relations at the Saudi Sports Authority between 2015 and 2017. Between 2007 and 2014 he was a legal adviser and an international relations adviser at the Ministry of Sport, previously known as the General Presidency of Youth Welfare.

In November 2016 Prince Fahd became the president’s adviser of Olympic Committees and Federations at the Union of Arab National Olympic Committees, and a member of International Relations Commission at the union. He is also a member of the international relations committee at the Association of National Olympic Committees.

Following his WATF appointment Prince Fahd thanked the general assembly members for their confidence, saying that he would shoulder “this great responsibility” to better serve the triathlon in West Asia.