Saudi Arabia's Foreign Minister has said that the decision taken on oil production reflects the consensus among OPEC+ countries and Saudi Arabia believes that its current policy of not increasing oil production in the year 2023 is correct.

This statement is important because after imposing sanctions on Russia, the US has been pressuring Saudi Arabia to increase oil production.

In the year 2022, US President Joe Biden also visited Saudi Arabia to persuade Mohammed bin Salman on increasing oil production. However, its effect did not last long and Saudi Arabia did not increase oil production.

After the Ukraine war, the Biden administration, along with the G-7 countries, has also imposed a price cap on Russian oil to reduce its income from oil exports. Russia will earn more income by not increasing the production of OPEC+ countries.

Russia leads OPEC Plus, a group of oil producing countries. At the same time, Saudi Arabia dominates the OPEC countries. There has been an allegation on Saudi that it is on Russia's line in the matter of oil production.

Speaking to the media in London, Saudi Arabia's Foreign Minister Prince Faisal bin Farhan said, ''We have always said that we are committed to a stable market. We do not expect the market to require any production changes until the end of 2023.''

He also added that "All decisions between OPEC and OPEC+ countries are taken after extensive consultation with all partners. All statements made on record by OPEC+ countries reflect a consensus."

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