MOSCOW: Saudi Energy Minister Khalid Al-Falih said on Monday Russia was the only oil exporter undecided on extending an output deal between OPEC and its allies until the end of the year.
Al-Falih, in Moscow for talks with counterpart Alexander Novak, said there was disagreement in Russia over prolonging the pact at an upcoming meeting in Vienna.
“I think the remaining country to jump onboard is Russia. I will wait for them to work it out,” he said.
“There is a debate in the country about the volume Russia should be producing in the second half.”
President Vladimir Putin said last week that Russia and the Organization of the Petroleum Exporting Countries disagreed over what constituted a fair oil price, but that they would decide at the meeting.
Igor Sechin, chief executive of Rosneft, warned against extending the deal, saying it posed a strategic threat to Moscow by allowing the US to take Russia’s market share.
Al-Falih said he may have another opportunity to talk to Novak at a G20 meeting in Japan beforehand.
Despite Russian indecision over the deal, known as the “OPEC+ Agreement,” signals from Moscow suggest an extension could work.
There is a still a risk oil producers pump too much crude and prices fall, Novak said on Monday, suggesting he might support an extension of output cuts at a meeting of leading oil producers next month.
“This is not ruled out. A lot depends on the market in the third quarter, on the supply and demand balance,” he said, citing the effect of US-led trade wars and sanctions.
“There are big risks of over-production. But we need to analyze deeper and look at how events will develop in June in order to take a balanced decision at the joint OPEC+ meeting in July.”
Al-Falih said the OPEC+ group was working to take “preventive” measures to avoid sharp oil price declines.
Separately, Russian Finance Minister Anton Siluanov said oil prices could fall as low as $30 per barrel if OPEC and others did not extend the curbs.
Al-Falih: Only Russia undecided on OPEC deal extension
Al-Falih: Only Russia undecided on OPEC deal extension
- Khalid Al-Falih, in Moscow for talks with counterpart Alexander Novak, said there was disagreement in Russia over prolonging the pact at an upcoming meeting in Vienna
- Igor Sechin, chief executive of Rosneft, warned against extending the deal, saying it posed a strategic threat to Moscow by allowing the US to take Russia’s market share
Operational challenges bring Riyadh Airport to a near standstill
- Airlines issue statements, while sources tell Arab News rain is to blame
RIYADH: Thousands of passengers travelling to and from King Khalid International Airport in Riyadh were left stranded as major airlines struggled to offer alternative flights following a slew of cancellations and delays.
Saudia and flyadeal were among the aviation firms who faced difficulties, with the two airlines putting out statements blaming temporary operational challenges for the issues.
A statement from the airport on its official X account urged travelers to contact airlines directly before heading to the aviation hub to verify the updated status and timing of their flights.
The statement said: “King Khalid International Airport would like to inform you that, due to the concurrence of a number of operational factors over the past two days —including several flights diverting from other airports to King Khalid International Airport, in addition to scheduled maintenance works within the fuel supply system — this has resulted in an impact on the schedules of some flights, including the delay or cancellation of a number of flights operated by certain airlines.”
The airport added that operational teams are working “around the clock in close coordination with our airline partners and relevant stakeholders to address developments and restore operational regularity as soon as possible”, while taking all necessary measures to minimize any impact on the passenger experience.
Airport sources told Arab News that the issue has to do with the heavy rain Riyadh experienced earlier on Friday. Water apparently got into the fuel tankers supposed to refuel jets before they fly, and then several airlines struggled to re-schedule passengers.
It its own statement on X, Saudia said: “Affected guests are being contacted through various communication chanels, with all ticket changes processed at no additional cost.”
Arab News reached out to Saudia for further information.
Also in a post on X, flyadeal said any of it passengers impacted by the disruption “will be notified directly by emails and SMS with rebooking and support options.”
