The views between Saudi Arabia and Russia regarding oil prices seem to be very similar. A few days ago, Russian Deputy Prime Minister Alexander Novak expressed his support for the statements of the Saudi Energy Minister which said that oil futures prices are far from the reality of the market, because the market is unstable in the first place due to restrictions imposed on oil exports from countries such as Venezuela and Iran, in addition to sanctions on Russian oil, which ignore the fact that Russia is a major player in the global market.
Novak added that the idea of setting a ceiling on the price of a Russian barrel of oil will destroy the entire global oil market, and that Russia, in return, will not supply oil and its products to countries that will support the initiative to set a ceiling on the price of a barrel of Russian oil.
Novak stressed that Russia supports the extension of the “OPEC +” group’s deal to reduce oil production after 2022, which the group will discuss in the 4th quarter of 2022.
With regard to natural gas, Novak said that Russia’s production of gas is declining, but prices are increasing, and the profits of the Russian “Gazprom” are increasing as well.