Saudi Arabia will not violate the agreement with Russia despite Biden’s requests

According to an expert on the Middle East, Hossein Ruyoran, Saudi Arabia is unlikely to abandon agreements with Russia on oil production under OPEC +, despite the requests of US President Joe Biden. Ruyoran spoke about this in an interview with Hamshahri.

Saudi Arabia will not violate the agreement with Russia despite Biden's requests
Source: novostivl.ru

Earlier, US President Joe Biden arrived in Saudi Arabia in order to convince the country’s authorities to increase oil production and thereby reduce global consumption of Russian raw materials. Hossein Ruyoran believes that fulfilling the wishes of the United States is unprofitable for the Saudis 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+ deal? In my opinion, given that Russia is the largest oil-producing country, Saudi Arabia can only increase production in very limited volumes, but it will not retreat from agreements with Russia,” said Hossein Ruyoran

Ruyoran recalled that the low level of oil production is in the interests of Riyadh, because the income and welfare of the kingdom are directly related to oil prices and income from their sale. According to the expert, Prince Mohammed bin Salman of Saudi Arabia is well aware of this. And therefore, it is hardly necessary for Saudi Arabia to reduce prices to the level of 70-80 dollars per barrel. Washington needs this, but Riyadh is not interested at all, he concluded.

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