RIYADH — Minister of Foreign Affairs Prince Faisal Bin Farhan described Russian President Vladimir Putin's statements on the reason for the decline in oil prices being a result of Saudi Arabia's withdrawal from the OPEC+ deal as "devoid of truth," Saudi Press Agency (SPA) reported on Saturday.

The Minister said that "Russia was the one that refused the agreement, while the Kingdom and 22 other countries were trying to convince Russia to make further cuts and extend the agreement, yet Russia has not agreed."

"The Kingdom's stance on shale oil production is known as it is an important part of energy sources."

"Saudi Arabia is also seeking to reach more cuts and achieve oil market balance for the interest of shale oil producers, contrary to what came out of Russia and its desire to keep prices low to affect shale oil," Prince Faisal said.

Prince Faisal expressed surprise at the falsifying of facts, hoping that Russia would make the right decisions in the urgent meeting which the Kingdom called for to reach a fair agreement that restores the balance of oil markets. — SPA