“If there is a supply shortage, our role in OPEC+ is to fill that shortage. If there is oversupply, our role as OPEC+ is to measure it for market stability,” the prince told FoxNews.
On September 20, Russian Deputy Prime Minister Alexander Novak said that by the end of this year the Russian Federation will reduce oil exports by 300 thousand barrels per day, to the average level of exports that developed in May-June.
Saudi Arabia also announced a reduction in exports. The Kingdom said it would maintain a reduction in oil exports to 1 million bpd until the end of this year. This reduction complements the agreement to limit production concluded by OPEC+ countries last year. According to the IEA, restrictions on oil production by OPEC+ countries will lead to a significant shortage on the world market in the second half of 2023.