Saudi Arabia, OPEC+ play key role in oil market stabilization, says Russian ministry

The situation on the global oil market is currently stable and Saudi Arabia, which is Russia’s partner under the OPEC+ agreement, made a large contribution for its stabilization, Russian news agency TASS reported on Friday citing Russia’s Energy Ministry.

The ministry stressed that after drone attacks on Saudi Aramco’s oil facilities in September, Saudi Arabia was able to quickly restore its oil production capacity.

"We note the important role of our partners from Saudi Arabia and the OPEC+ countries in minimizing the effect of destabilizing actions on the market,” the ministry said.

The ministry further added that “the prompt restoration of production capacities in the kingdom after the drone attack once again underscored the professionalism and reliability of the largest producers in the industry, as well as the ability to quickly respond to uncertainties."

"Russia continues to intensively cooperate with the Kingdom of Saudi Arabia and OPEC+ partners in order to increase the stability and predictability of the market," the statement noted.

According to the Energy Ministry, "the unpredictability of the outcome of trade negotiations between the US and China, as well as the risks of a slowdown in global GDP growth" are the main factors affecting the uncertainty of world market.