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Saudi Arabia rejected the idea of reducing oil production

Саудовская Аравия отвергла идею сокращения добычи нефти

The foreign Minister of Saudi Arabia Adil al-Jubayr said that the Kingdom is “not ready” to cut oil production, Reuters reports. The idea that among the countries-oil exporters Riyadh needs to cut production to prevent a drop in oil prices, has put forward in Iran.

“If other manufacturers want to limit or agreed to “freeze”, if we talk about extra production, it can influence the market. But Saudi Arabia not willing to cut production,” — said the head of the Saudi Foreign Ministry.

Earlier, on 18 February, Reuters, citing a source in the oil industry said that Iran considers it necessary to reduce production leading oil producers, especially Saudi Arabia. The argument of the Iranian side is that at the time, while in Iran there were sanctions, the Saudis increased production. Now, according to Iran, the Kingdom needs to cut production to give the Islamic Republic the opportunity to catch up and regain lost market position.

Tuesday, February 16, following the meeting in Doha between the Russian energy Minister Alexander Novak and representatives of Saudi Arabia, Venezuela and Qatar, an agreement was reached on the readiness to maintain oil production on average in 2016 at the level of January of the current year if other manufacturers will join this initiative.

On 17 February, the Iranian oil Minister, Bijan Namdar Zanganeh expressed support of the refusal to increase production after talks with his counterparts from Venezuela, Iraq and Qatar.

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