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Russia welcomes the desire of Saudi Arabia to respond to the growth of production in Libya and Nigeria



Russia is ready to continue working with OPEC to help rebalance oil markets.



19.Jul.17 12:54 PM
By Daria Zaytseva
Photo Toinnov.com

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Russia welcomes the desire of Saudi Arabia to respond to the growth of production in Libya and Nigeria

A Russian energy source said on Wednesday, adding that Moscow welcomed a flexible approach by OPEC's leader Saudi Arabia to take steps to neutralize the growth of raw materials production in Nigeria and Libya.

On Tuesday, a high-ranking source in Saudi Arabia said that the kingdom hopes to respond to the growing production of raw materials in such OPEC countries as Libya and Nigeria through a reduction in oil supplies. The source reacted to the publication of the British consulting agency PPI, which first reported such an opportunity.

"We welcome the constructive approach of our partners to resolve the challenges that we face along the way, and the willingness to be flexible in order to achieve a balance in the market," a source in the Russian delegation said on Wednesday.

The production of raw materials in Nigeria and Libya has been breaking records in recent weeks, delaying the long-awaited balancing of the world oil market.

"For its part, Russia is fully committed to the spirit of the stabilization initiative and will continue to work together with other countries in this direction," the source said.

Next week, six representatives from the OPEC and non-OPEC producers, including Russia and Saudi Arabia, will meet in St. Petersburg to discuss the results of the global oil production reduction deal.




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