Saudi Arabia says Russia not cutting enough oil

In anticipation of an increase in price for Russian gas, Ukraine’s national oil and gas company Naftogaz Ukrainy will continue increasing its imports at a lower price.

Photo by AFP

Russia is not cutting as much oil production as it could be under the agreement between OPEC and non-OPEC countries to cut oil output, Saudi Arabian Energy Minister Khalid Al-Falih said in an interview for the CNBC news channel.

“The agreement with Russia was three hundred [thousand bpd] that would be achieved by the first quarter, so one hundred, one hundred, one hundred. Three hundred by the end of March. January was a pleasant surprise. They did extremely well in January. February was not so good, they did not do well enough,” the minister said.

Earlier at the conference, Al-Falih said that Saudi Arabia, which exceeded its commitments to cut production, would not allow other countries to take advantage of this.

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