Saudi Arabia signals support for Russia’s role in Opec+ as sanctions pressure mounts

Saudi Arabia signals support for Russia’s role in Opec+ as sanctions pressure mounts

Saudi Arabia has signalled it will stand by Russia as a member of the Opec+ group of oil producers despite tightening western sanctions on Moscow and a potential EU ban on Russian oil imports.

Prince Abdulaziz bin Salman, the energy minister, told the Financial Times that Riyadh was hoping “to work out an agreement with Opec+ . . . which includes Russia”, insisting the “world should appreciate the value” of the alliance of producers.

The expiration of Opec+ production quotas put in place in April 2020 is looming in three months as energy consumers grapple with oil prices that are at their highest levels in a decade,

Prince Abdulaziz’s comments are an important sign of support for Russia from a traditional US ally as the west tries to isolate the country and its oil production falls, raising questions about its place in the Opec+ group.

Riyadh has been resisting western pressure to raise crude output to help bring down prices in the wake of Russia’s invasion of Ukraine, insisting there is not a lack of supply.

Prince Abdulaziz said it was too early to say what a new agreement might look like given the uncertainties in the market, but added that Opec+ would increase production “if the demand is