Saudi Arabia is ready to reduce oil production, but only with the assistance of other countries, in the 1st turn of Russia, said the famous Saudi expert and Advisor international economy and the oil market, the doctor of Sciences Mohammed al-Sabban.
"Saudi Arabia is ready to reduce production, provided that other oil producers led by Russia, too, it will reduce and will make it stick," - confirmed Last news al-Sabban After the recent reports in the media that Riyadh is ready to significant reduction of oil production, if it will be joined by Russia and the United States.
before Saudi Arabia called on the parties to the Treaty OPEC to meet in an emergency meeting together With other countries to balance the oil market. The print edition of the wall Street Journal citing sources said the oil-producing countries in the OPEC meeting on 6 April have plans to discuss the possibility of reducing production of at least 6 million barrels per day.
on the last working day of the week, a source said Last news that OPEC will discuss on 6 April the possibility of reducing production by 10 million barrels per day. Russian President Vladimir Putin and the head of the Ministry of energy Alexander Novak told that the oil market requires common actions that Russian oil companies are ready to go, but together With OPEC and major oil producers such as the United States.
Since early March, oil prices fell by almost 2 times due to the slowdown in demand in the market amid pandemic coronavirus, as well as the exhaustion of the OPEC agreements . The sixth of March of participating countries of the Commonwealth are unable to come to a consensus about changing the parameters of the contract, to extend it failed.
Russia insisted on maintaining existing conditions, but Saudi Arabia wanted to further reduce the development. In the end, From April 1, the limits on oil production in the countries of the former Commonwealth shot.
After the failure of negotiations, OPEC media began to write about the start of a price war manufacturers. At the same time Saudi Arabia has officially announced to step up shipments to 12, 3 million barrels per day, which is 300 thousand barrels per day higher than its production capacity. To reach this target Riyadh could from the inventory.
Press Secretary of the President Dmitry Peskov declared that the Russian Federation and Saudi Arabia are waging price wars, but there is an adverse global economic situation.
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