Saudi Arabia Denies Rejecting to Extend OPEC+ Deal

Pump jacks draw crude oil from the Long Beach Oil Field under Discovery Well Park in Signal Hill, California, on March 9. DAVID MCNEW/AFP/GETTY IMAGES

Saudi Arabia rejected on Saturday Russia’s remarks that the Kingdom has rejected to extend the OPEC+ deal to cut output.

Saudi Energy Minister Prince Abdulaziz bin Salman denied the comments made by his Russian counterpart on Friday; according to a statement carried by Saudi state news agency SPA.

“The Russian Minister of Energy was the first to declare that all the participating countries are absolved of their commitments starting from the first of April. This leads to the decision the countries took to raise their production to offset the lower prices. Besides, compensating for their loss of returns,” Prince Abdulaziz said in a statement.

The Saudi foreign minister also deplored a statement attributed to Russian President about the Kingdom’s withdrawal from the OPEC+ deal. He confirmed that Russia is the one that withdrew, SPA reported.

Foreign Minister Prince Faisal bin Farhan added that the Kingdom’s stance on shale oil production is clear to all. He also added that it is an important part of energy sources, SPA said.