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Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

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Russia Tells U.S. Not To Lecture Saudi Arabia On Oil

  • Kremlin spokesman Peskov: The United States should not tell Saudi Arabia how to manage its crude oil production.
  • Saudi Arabia voluntarily agreed over the weekend to cut the country's crude oil production targets for the month of July by an additional 1 million barrels per day.
  • In the same press briefing, Peskov also said that its Russian atomic energy sector would continue developing despite the US and UK forming a new economic alliance that looks to box out Russia from the international nuclear energy markets.
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The United States should not tell Saudi Arabia how to manage its crude oil production, Kremlin spokesman Dmitry Peskov said on Friday.

"Saudi Arabia is a sovereign state, a responsible state, and a very important player in the international energy markets. Of course, this sovereign state is capable of making decisions that concern its own economy. Hardly anyone, even the US, should lecture (Saudi Arabia) on how to be in this or that case," Peskov said in a Moscow press briefing on Friday.

Saudi Arabia voluntarily agreed over the weekend to cut the country's crude oil production targets for the month of July by an additional 1 million barrels per day. President Biden did not make any noteworthy response to the decision, with oil prices only briefly rallying in response to the oil production curtailments.

Peskov's rebuke, then, does not follow any new backlash from U.S. President Joe Biden. A rather way back  response to OPEC's oil cuts came in October 2022, when President Biden threatened "consequences."

In the same press briefing, Peskov also said that its Russian atomic energy sector would continue developing despite the US and UK forming a new economic alliance that looks to box out Russia from the international nuclear energy markets. Peskov referred to the situation as "unfair competition."

President Biden and PM Sunak signed a declaration on Thursday on the new pact "for a new age", referred to as the New Atlantic Declaration, Sunak said of the deal that it was a deal "of a kind that has never been agreed before," adding that it included $17.5 billion in new U.S. investments that were promised to the UK.

A UK government document providing details about the deal says in part, “We face new challenges to international stability — from authoritarian states such as Russia and the People’s Republic of China (PRC); disruptive technologies; non-state actors; and transnational challenges like climate change.”

By Julianne Geiger for Oilprice.com

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Leave a comment
  • George Doolittle on June 11 2023 said:
    So Russia wants to supply the KSA with the nukes is that the plan?
  • Mamdouh Salameh on June 11 2023 said:
    The New Atlantic Declaration between the United States and the United Kingdom is no more than a consolation prize for the UK for failing to sign a trade deal with the US. Therefore, British Prime Minister Sunak Rishi shouldn’t bank on $17.5 bn of new US investments promised to the UK. The US could easily renege on that as it has done in many international agreements before.

    However, if the New Atlantic Declaration aims to box out Russia from the international nuclear energy markets as the Kremlin spokesman Dmitry Peskov suggested, then it will fail miserably for the following reasons.

    1- Russia has access to China, the world’s largest economy and also the biggest market.

    2- While Western countries have imposed sanctions on Russia, the rest of the world refused to do so.

    3- It is virtually impossible to exclude Russia from the international nuclear energy markets. Russian state-operated nuclear energy company Rosatom is a world leader in nuclear technology, the world’s largest exporter of nuclear reactors and a global exporter of nuclear fuel. Moreover, it is expanding its global business and is already involved in building 15 more nuclear plants internationally.

    4- The Atlantic declaration between the United States and the UK will touch a raw nerve in the EU exactly as the nuclear submarines deal between the US, UK and Australia angered France.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert

Leave a comment




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