Photo: Getty Images
Saudi Arabia confirmed its commitment to the OPEC+ alliance with Russia on Sunday during a meeting between Crown Prince Mohammed bin Salman and French President Emmanuel Macron, the official Saudi agency reported.
OPEC+ brings together the 13 members of the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia, and 10 partners led by Russia.
“During the contact, the situation in Ukraine and the impact of the crisis on the energy markets were also discussed and, in this regard, His Highness the Crown Prince underlined the kingdom’s desire to stabilize and balance oil markets and the kingdom’s commitment to the OPEC+ deal,” the official Saudi Press Agency (SPA) said.
The 23 members of OPEC+ will hold a videoconference on Wednesday to discuss a possible increase in production, days after Russia’s invasion of Ukraine sent the price of oil above 100. dollars per barrel.
Earlier this month, the 23 members of the OPEC+ alliance decided to continue to increase production by 400,000 barrels of oil per day in March, despite rising prices.