{"id":18590,"date":"2023-06-05T20:45:03","date_gmt":"2023-06-06T00:45:03","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/saudi-minister-seeks-oil-production-transparency-from-russia\/"},"modified":"2023-06-05T20:45:04","modified_gmt":"2023-06-06T00:45:04","slug":"saudi-minister-seeks-oil-production-transparency-from-russia","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=18590","title":{"rendered":"Saudi Minister Seeks Oil Production Transparency From Russia"},"content":{"rendered":"
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(Bloomberg) — Russia would benefit from being transparent in publishing its oil production data as the OPEC+ group, which it leads along with Saudi Arabia, seeks to convince markets that it is pumping at pledged levels, the kingdom\u2019s energy minister said.<\/p>\n

\u201cWe had a discussion with the Russian side regarding their responsibility to be clear and transparent in providing information,\u201d Prince Abdulaziz bin Salman, the energy minister, said in an interview with Al Arabiya television. \u201cThey made a decision some time ago not to disclose the information, and I believe they now realize that the non-disclosure of information has led to doubts about their figures.\u201d<\/p>\n

Russia restricted oil-output data last year due to its \u201csensitive\u201d nature, making it difficult to assess the country\u2019s compliance with its pledged output cuts beyond official statements. Russia\u2019s Federal Statistics Service stopped publication of crude and condensate output earlier this year until April 2024, following a government decree. Crude supplies to domestic refineries and seaborne exports are key remaining gauges for oil market watchers to understand trends in Russia\u2019s oil output.<\/p>\n

Russian Deputy Prime Minister Alexander Novak\u2019s media office didn\u2019t respond to a request for comment on the matter. Russia is currently working with secondary sources to update its production figures for February, the baseline for output cuts, according to an OPEC+ production table for next year published Sunday.<\/p>\n

In an effort to bolster oil markets, OPEC+ agreed Sunday to maintain through next year voluntary output cuts that several members promised at a meeting two months earlier. Prices have slumped since then, trading at levels lower than before those cuts were announced and prompting another intervention by the Saudis. The world\u2019s biggest exporter said yesterday it will make a unilateral reduction of 1 million barrels a day starting in July.<\/p>\n

The Organization of Petroleum Exporting Countries, of which Saudi Arabia is the de facto leader, and other producers headed by Russia created the OPEC+ group to coordinate supply levels. OPEC+ nations need to be able to reach their output quotas and the organization will rearrange allocations to ensure that the group pumps what it pledges, the prince said.<\/p>\n

\u201cWe are fed up with giving some states quotas that they cannot meet,\u201d he said.<\/p>\n

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Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

(Bloomberg) — Russia would benefit from being transparent in publishing its oil production data as the OPEC+ group, which it leads along with Saudi Arabia, seeks to convince markets that it is pumping at pledged levels, the kingdom\u2019s energy minister said. \u201cWe had a discussion with the Russian side regarding their responsibility to be clear […]<\/p>\n","protected":false},"author":1,"featured_media":18591,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-18590","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nSaudi Minister Seeks Oil Production Transparency From Russia | iFintechWorld<\/title>\n<meta name=\"description\" content=\"(Bloomberg) -- Russia would benefit from being transparent in publishing its oil production data as the OPEC+ 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