Saudi Arabia expects that Russia will agree to additional concessions on limiting oil production. Free News reported regarding a source in OPEC. At the same time, it is not yet known how much reduction will eventually suit Riyadh.
Earlier the Energy Ministry said that Russia is ready to cut oil production under OPEC+ deals 14% from the first quarter of 2020, which amounts to 1.6 million barrels per day. However, Saudi Arabia expects more. “You [Russia] need to make a deeper cut,” a source with knowledge of Saudi Arabia’s position is quoted as saying.
Russia withdrew from the OPEC + agreement in early March. This led to a sharp decline in world oil prices. Later, the Russian Ministry of Energy confirmed its consent to participate in the OPEC+ video conference. Negotiations between the Ministers of the countries participating in the deal will take place on April 9.
During the OPEC + summit, the parties will again try to agree on reducing oil production to stabilize prices. US President Donald Trump has already said that Washington is not going to participate in a coordinated reduction in oil production.