A Saudi assertion that there are no talks on “OPEC +” and no agreement with Russia

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A Saudi assertion that there are no talks on “OPEC +” and no agreement with Russia

Saturday – 3 Shaaban 1441 AH – 28 March 2020 AD No. No. [
15096]

The Saudi capital, Riyadh (Reuters)

Riyadh: «Middle East»

Amid Russian indications of the need to increase OPEC Plus members to further stabilize oil markets, information released yesterday revealed Saudi assurances that there are no talks on this matter, and that there is still no joint agreement with Russia.
According to the Reuters news agency, a Saudi Energy Ministry official confirmed yesterday (Friday) that there is no communication between the Saudi and Russian energy ministers on increasing OPEC + members, stressing at the same time that there are no negotiations to reach an agreement to balance the oil markets. .
A senior Russian official has said that Moscow is in contact with Riyadh and a number of other countries to explore the possibility of increasing the number of members of “OPEC +”, thus enhancing the chances of reaching a joint agreement to control oil markets.
For his part, Kirill Dmitriyev, head of the Russian Direct Investment Fund, said he believed that a new agreement for “OPEC +” to balance oil markets is “possible”, if other countries joined him, adding that these countries should cooperate to reduce the economic impact of the virus Corona.
According to Dimitriev’s statements to “Reuters”, in a telephone interview, “There is a need for joint moves by countries to reform the global economy … These joint moves are also possible within the framework of the (OPEC +) agreement, and Russia is a prominent member from outside (OPEC), Saudi Arabia is a key member of (OPEC) ».
A preliminary agreement between OPEC and other oil producing countries to curb production in order to support prices collapsed earlier this month, after no agreement was reached on how to tackle the drop in oil demand due to the Corona virus, which pushed prices Global crude to drop.
Dmitriyev, one of the architects of the original oil cuts agreement with OPEC from Russia, added that “based on communications, we see that if the number of members of (OPEC +) increases, and other countries join, then it is possible to reach a joint agreement to achieve balance in the markets of Oil ».
Dmitriyev did not say who the potential new members were, but US President Donald Trump said last week that he would intervene in the price war between Saudi Arabia and Russia at the appropriate time.
And other statements, reported by the Russian news agency “Sputnik” on Dmitriev, confirmed that the Russian Investment Fund continues to work with Saudi Arabia, and that an agreement was reached on the independence of investment projects from the situation in the energy sector.
It is noteworthy that the OPEC Plus countries did not reach an agreement on the sixth of March (March) to change the criteria of the deal to reduce or extend oil production, while Russia was intransigent in maintaining the existing conditions, in front of OPEC’s move to further reduce the volume of oil production, This prompted the lifting of restrictions imposed on oil production in the member states of the previous coalition, beginning in early April.
This deal, in which OPEC and non-OPEC countries participate, which has been ongoing since the beginning of 2017, is seen as becoming a base, not only for cooperation to stabilize the oil market, but also for the rapprochement of countries and the development of their partnership.

Saudi

OPEC

Saudi economy







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