Russia and Saudi Arabia are arguing over the terms of a new deal to reduce oil production, but they are sure that the United States should join the agreement. This is reported by Bloomberg regarding its sources.
In early March, oil prices collapsed after the failure of OPEC+ talks to cut production amid falling demand due to the coronavirus. Later, Saudi Arabia called for an urgent OPEC +meeting.
According to a source familiar with the negotiations, Russia and Saudi Arabia still disagree on key issues of the deal. At the same time, both sides insist that the United States of America should join the agreement. The US is expected to try to attract production cuts on April 10 at a meeting of G20 energy Ministers.
It is not clear whether Russia and Saudi Arabia will require the US to publicly commit to reducing production, or whether a compromise gesture will be enough. According to Alexander Dynkin, President of the Institute of the world economy and international relations, Moscow would like Washington to lift some sanctions as a compromise.
At the same time, the emerging progress in negotiations to stabilize the oil market is indicated by the position of Norway, which previously made it clear that it is ready to unilaterally reduce production if other countries do so, the Agency notes.
Previously President of the United States Donald Trump said that he opposes OPEC, and promised to protect the American oil industry. At the same time, he expressed confidence that Saudi Arabia and Russia will agree.