Oil falls amid the news from Saudi Arabia

Against the background of news about a possible increase in Saudi Arabia's oil production, commodity prices continue to decline. According to the Financial Times, the kingdom plans to abandon the policy of maintaining oil prices around $100 per barrel, as the recent reduction in production has led to a loss of market share. This decision by Saudi Arabia may indicate an increase in internal problems in OPEC.

The Organization of the Petroleum Exporting Countries (OPEC) has indeed faced difficulties in implementing plans to reduce production throughout the year. Some states, contrary to quotas, continued to increase production volumes. Earlier it was reported that Russia also produces more oil than established by the OPEC agreements, which, according to rumors, led to a deterioration in relations between Moscow and Riyadh.

However, Vladimir Putin assured that Russia's cooperation with OPEC+ remains. At the plenary session of the Russian Energy Forum, the President stressed that the partnership would continue. At the same time, Energy Minister Alexander Novak noted that at the moment new proposals for the OPEC+ agreement are not being considered.