The Saudi Crown Prince to the Prime Minister of Japan: we emphasize the importance of preserving the OPEC + agreement

Prince Mohammed bin Salman bin Abdulaziz, Crown Prince of Saudi Arabia, Deputy Prime Minister and Minister of Defense, received a phone call today from Japanese Prime Minister Fumio Kishida.

During the call, they examined the prospects for cooperation between the two countries and promising opportunities to develop it under the Saudi-Japanese Vision 2030.

They also discussed a number of regional and international issues and the efforts made towards them, including developments in Ukraine, where the Crown Prince affirmed the Kingdom’s favorable position for all efforts to resolve disputes by peaceful means and through dialogue to end the conflict, and his support for all efforts to stop military operations in a way that helps restore security and stability.

The crown prince also reiterated the Kingdom’s willingness to maintain the balance and stability of the oil market, noting the role of the OPEC Plus agreement in this and the importance of keeping it.

The sanctions imposed by Western countries on Russia raise fears that the energy sector will be hit and that prices will rise.

Russian supplies

Russian supplies make up about 40% of Europe’s gas needs, while about 2.3 million barrels of Russian crude travel west through a network of pipelines every day.

Together with Russia, Saudi Arabia leads the “OPEC Plus” alliance, which includes 13 members of the Organization of the Petroleum Exporting Countries (OPEC) and ten outside the organization. The alliance has resisted US pressure to increase production in order to lower prices.

At the beginning of last February, the coalition countries announced an increase in production of 400,000 barrels per day, starting this March, the same amount as in previous months.

Rise in the price of oil

At the end of trading on Thursday, oil prices rose 8%, to continue a series of violent daily fluctuations, as the market rebounded after several days of losses with a renewed focus on lack of supplies in the coming weeks due to sanctions against Russia.

THE future Brent crude oil rose $ 8.62, or 8.79%, to stand at $ 106.64 a barrel, the largest percentage increase since mid-2020.

US West Texas Intermediate Crude was up $ 7.94, or 8.35%, to $ 102.98 a barrel at the time of settlement.

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