In this photo released by the Russian Foreign Ministry Press Service, Saudi Foreign Minister Prince Faisal bin Farhan (right) speaks to Russian Foreign Minister Sergey Lavrov during their meeting in Riyadh, Saudi Arabia, on May 31, 2022. (PHOTO/RUSSIAN FOREIGN MINISTRY PRESS SERVICE VIA AP)
Russian Foreign Minister Sergei Lavrov met Saudi counterpart Prince Faisal bin Farhan Al Saud in Riyadh on Tuesday and both men praised the level of cooperation inside OPEC+, the Russian foreign ministry said.
OPEC+ is set to stick to an oil production deal agreed last year at its meeting on June 2 and raise July output targets by 432,000 barrels per day, six OPEC+ sources told Reuters last week, rebuffing Western calls for a faster increase to lower surging prices
The comments were issued amid Western media reports that some members of OPEC+, an alliance of OPEC members and their allies, were considering removing Russia from the group.
"They noted the stabilizing effect that the tight cooperation between Russia and Saudi Arabia has on world markets for hydrocarbons in this strategically important sector," the ministry said in a statement on its website.
There was no immediate comment from Saudi Arabia outside of business hours.
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Lavrov arrived in Saudi Arabia on Tuesday and is expected to meet with other foreign ministers from the Gulf Cooperation Council (GCC) states, Saudi state media reported.
OPEC+ is set to stick to an oil production deal agreed last year at its meeting on June 2 and raise July output targets by 432,000 barrels per day, six OPEC+ sources told Reuters last week, rebuffing Western calls for a faster increase to lower surging prices.
OPEC+ was formed in 2016 and assigned production cuts among its members to keep oil markets stable and act against price collapses, particularly as economies shrank sharply during the COVID-19 pandemic.
Russia is a leading member of OPEC+, along with some ex-Soviet states and other countries.
ALSO READ: US move to rein in OPEC fuels worries
The Wall Street Journal, quoting OPEC delegates, suggested that exempting Russia from OPEC+ could potentially pave the way for other producers to pump significantly more crude as sought by the United States and European nations.
Lavrov's meeting with his Saudi counterpart came shortly after the European Union agreed on significant cuts to imports of Russian crude as part of its latest sanctions linked to the Russia-Ukraine conflict.
Russia to halt gas supplies to companies of Denmark, Germany
Russian energy giant Gazprom said Tuesday that it would no longer supply gas to Denmark's largest energy company Orsted and will halt deliveries to Germany under the Shell Energy Europe contract.
Russian energy giant Gazprom said Tuesday that it would no longer supply gas to Denmark's largest energy company Orsted and will halt deliveries to Germany under the Shell Energy Europe contract
Orsted has notified Gazprom Export that it would no longer make payments for gas in rubles, and Shell Energy Europe Limited said it would not pay in rubles for gas supplies to Germany, Gazprom said on Telegram.
The cuts will be effective from Wednesday, it added.
Russian President Vladimir Putin signed a decree on March 31 on new rules regarding natural gas trade with "unfriendly" countries and regions. According to the decree, existing contracts would be halted if these buyers refused to pay in rubles.