Saudi Arabia and Russia have recently extended their voluntary oil cuts to keep oil prices above the $80 mark and control oil markets.
However, Iran's increase in oil exports at discounted prices is not helping the Kingdom's case.
On the sidelines of the Arab-Islamic emergency summit in Riyadh on 11/11/2023, Saudi Crown Prince Mohammad Bin Salman (MBS) met with Iranian President Ebrahim Raisi, and discussed, among other matters, cooperation under OPEC+ and oil markets stability.
This note provides a comprehensive overview of the following aspects:
- MBS’ concerns over Iran’s lack of transparency regarding its daily production level
- His action plan if Iran does not comply with its production quotas
The note also highlights the contacts between Saudi Minister of Energy Prince Abdulaziz Bin Salman and Iranian Minister of Petroleum Javad Owji to resolve the situation.