Statements attributed to Russian president are devoid of truth: Foreign Minister

The Saudi Minister of Foreign Affairs, Prince Faisal bin Farhan Al Saud, said that a statement attributed by media to President of the Russian Federation, Vladimir Putin, claimed that one of the reasons for the decline in oil prices was the Kingdom's withdrawal from the OPEC + deal and that the kingdom was planning to get rid of shale oil producers.

“What was mentioned is fully devoid of truth and the withdrawal of the Kingdom from the agreement is not correct”, Prince Faisal affirmed according to the Saudi Press Agency (SPA).

He added that that Russia was the one that refused the agreement, while the Kingdom and 22 other countries were trying to persuade it to make further cuts and extend the agreement.

He also emphasized that the Kingdom's stance on shale oil production is clear as it is an important part of energy sources. Saudi Arabia is also seeking to reach further production cuts and restore balance to the oil market, which is in the interest of shale oil producers, contrary to what was issued by Russia and its desire to keep prices low to affect shale oil.

The minister also expressed surprise of the falsification of facts, hoping that Russia would take the right decisions in the urgent meeting on which the Kingdom called yesterday to be held for OPEC + and the group of other countries to reach a fair agreement that restores the desired balance of oil markets to hedge the markets from risks again.