Dubai, United Arab Emirates (CNN) – Saudi Energy Minister Prince Abdulaziz bin Salman said sanctions imposed on Moscow and the European Union that set a ceiling price for Russian oil “have not yet yielded results clear”.
In early December, European Union countries set the price of a barrel of Russian oil at $60 a barrel.
Prince Abdulaziz bin Salman told the Saudi Budget Forum in Riyadh on Sunday that the OPEC Plus group – led by Saudi Arabia and Russia – came under pressure in the last quarter of this year to ramp up oil production.
The Saudi Energy Minister said that “OPEC Plus works from a purely economic perspective. We do not enter into political aspects or alliances, and we have no plans in the future to enter into any qualitative changes other than from a market perspective. and economics, and the best proof of that is what the group did at its October 5 meeting,” referring to the timing of the group’s decision to cut oil production by two million barrels a day, the largest cut great since the beginning of the Corona epidemic.
The Saudi official said Russia’s oil production was still there despite talks at the start of the war against Ukraine about the impact of sanctions on Moscow. He commented: “At the beginning of the Ukrainian crisis, there were those who said that Russia’s production would be about 3 million (barrels), where’s the three million?”
