Saudi Arabia will not renounce oil production agreements with Russia under OPEC +, contrary to the requests of US leader Joe Biden, Hossein Ruyoran, an expert on the Middle East, said in an interview with the Iranian newspaper Hamshahri.
As the newspaper notes, on the eve of Biden visited Riyadh in the hope of persuading the Saudi authorities to increase oil production in order to reduce the global consumption of „black gold” from Russia.
Ruyoran believes that the increase in oil production, as desired by the United States, is unprofitable for Saudi Arabia due to the peculiarities of the kingdom’s economy.
“Now the question is, is it necessary for Saudi Arabia to turn its back on Russia and the OPEC + agreement? In my opinion, given that Russia is the largest oil producing country, Saudi Arabia can only increase production in very limited volumes, but she will not back down with Russia,” Ruyoran said.
After all, Riyadh benefits from a low level of oil production, the expert writes, because the income and welfare of the kingdom are directly related to oil prices and income from its sale.
“Mohammed bin Salman is well aware of this. And therefore, Saudi Arabia hardly needs <…> to reduce prices to the level of $70-80 per barrel. Washington needs this, but Riyadh is not at all interested,” the expert concluded.