Russia and Saudi Arabia continue cooperation in oil policy

The leaders of the OPEC + coalition, Russia and Saudi Arabia, agreed to continue close cooperation in oil policy in the group during the visit of the Saudi foreign minister to Moscow.

All countries participating in this format are scrupulously fulfilling their obligations to maintain their proper place and stability in the global energy market.

The current OPEC+ agreements remain in force until the end of this year, after which the members of the OPEC+ group will analyze the situation and make new decisions.

Russia has said it will cut oil production by 500,000 barrels per day this month in response to Western-initiated sanctions that could affect the amount of its oil and fuel exports. Still, OPEC+ delegates said the alliance had no plans to change its oil production targets after Russia announced output cuts in March.

Saudi Arabia’s foreign minister made a new statement that Riyadh is in near coordination with Russia on energy issues and supports the OPEC+ agreement.

Saudi Arabia is also seeking to deepen ties with Russia at all levels.

Ukraine participates in the gas joint purchasing platform

Russia has used the gas supply to blackmail member states and foment discord to weaken their resolve to oppose an unjust and unfair war. Hence, steps have revealed that the Union must end decades of heavy dependence on Russia.

Ukraine will participate in the gas procurement platform of EU member states.

Ukraine is taking steps towards progress in the market and its accession process. Additionally, Ukraine is working with the International Atomic Energy Agency (IAEA) to emphasize the illegality and danger of the occupation of the Zaporizhzhia Nuclear Power Plant. It is imperative that a secure area is created.

Ukraine plans to contribute to implementing the REPowerEU plan, which envisages the creation of an affordable, secure, unified, and sustainable EU energy market and eliminating dependence on Russian fossil fuels by 2030.