America: We are in constant contact with Saudi Arabia about ensuring stable energy supplies

US National Security Advisor Jack Sullivan said that the US administration is in constant contact with Saudi Arabia about ensuring stable energy supplies.

Saudi Arabia is leading the OPEC Plus alliance to achieve balance in energy markets and ensure the security of stable energy supplies.

On September 5, an official source in the Saudi Ministry of Energy announced that the Kingdom would extend the voluntary reduction of one million barrels per day, which began to be implemented in July 2023, and was extended to include the months of August and September, for another three months, that is, until the end of December of the year. 2023.

The reduction will put crude production in Saudi Arabia near 9 million barrels per day during October, November and December, and will be reviewed on a monthly basis.

The source stated that the decision on this reduction will be reviewed on a monthly basis, to consider whether to increase the reduction or increase production.

Brent crude futures rose at the end of trading on Friday, 23 cents, or 0.25%, to $93.93 per barrel upon settlement.

Saudi Energy Minister Prince Abdulaziz bin Salman said, in previous statements, that Saudi Arabia is no longer the “most likely producer,” but rather “OPEC+” plays this role.

Prince Abdulaziz bin Salman stressed the continued confrontation of the challenges facing the energy markets.

Yesterday, Thursday, the chief OPEC official warned against abandoning fossil fuels, in the first response to the International Energy Agency’s recent statements.

On Thursday, OPEC Secretary-General Haitham Al-Ghais said in a statement that abandoning fossil fuels “will lead to energy chaos on an unprecedented scale, with dire consequences for economies and billions of people around the world.”

The International Energy Agency said on Wednesday that oil demand may stabilize over the current decade as consumers turn more to renewable energy sources to avoid catastrophic climate change. “We may be witnessing the beginning of the end of the fossil fuel era,” said Fatih Birol, Executive Director of the International Energy Agency.

Al-Ghais said that data-based estimates contradict the opinion that demand will peak before 2030, adding, “Previous opinions that the supply or demand for fossil fuels will peak have proven to be wrong.”

Riyadh first implemented the voluntary reduction of 1 million barrels per day in July, and has since extended it on a monthly basis. The reduction is in addition to 1.66 million barrels per day of other voluntary reductions in crude production set by some members of the Organization of the Petroleum Exporting Countries (OPEC) until the end of 2024.

Russia – a member of the OPEC+ alliance – also pledged to voluntarily reduce exports by 500,000 barrels per day in August and by 300,000 barrels per day in September. Russian Deputy Prime Minister Alexander Novak said that his country will extend the reduction in exports by 300,000 barrels per day until the end of December 2023, and will also review the measure on a monthly basis, according to the Kremlin.