Russia and Saudi Arabia have prepared a deal on oil

Draft agreement to reduce oil production within the OPEC+ format already prepared, but kept in the strictest confidence. This was stated by OPEC Secretary-General Mohammed Barkindo stated, Free News reports, citing a source familiar with the preparation of the meeting.

According to him, the details of the deal, which should reconcile Russia and Saudi Arabia, will still be discussed in the evening. At this time, Barkindo is scheduled to contact other countries, where they should talk about their readiness to reduce.

The OPEC+ meeting is scheduled to take place on Thursday, April 9, in a video conference format. None – OPEC producers such as Argentina, Brazil, Norway, Colombia, Egypt, Indonesia, and Trinidad and Tobago are also invited. The parties intend to discuss the reduction of production from the United States on April 10, when the meeting of energy ministers of the G20 member countries will take place.

Previously, the date of the meeting was supposed to be April 6, but it was not possible to hold it in these terms. The reason sources familiar with the situation called contradictions between Russia and Saudi Arabia, which did not agree to the proposed terms.

On the eve of April 7, it became known that Riyadh insists on reducing production from April levels when the Kingdom increased volumes by 2.7 million barrels per day. Under these conditions, Russia will be the main victim, since it is proposed to reduce production relative to March more than the other participants in the negotiations — by 1.5 million barrels. At the moment, the sources did not report that the parties are close to a compromise.

The US position is still unknown. President Donald Trump does not confirm but does not deny that American manufacturers can go for cuts.

Author: Flyn Braun
Graduated from Cambridge University. Previously, he worked in various diferent news media. Currently, it is a columnist of the us news section in the Free News editors.
Function: Editor