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Oil Price Rally Breaks Records In May

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Superpowers Clash Ahead Of Most Important Oil Meeting Ever

Russia is ready to hold constructive talks aimed at stabilizing the oil market, and those talks don’t have alternative, Vladimir Putin’s press secretary Dmitry Peskov said on Sunday.  

Russia did not support the end of the OPEC+ deal, Peskov told Russian television channel Rossiya 24 on Sunday. President Putin and Russia as a whole are inclined to take part in a constructive negotiation process –which doesn’t have alternative right now – to stabilize the international energy market, Peskov added.

Saudi Arabia, Russia, and many other oil producers were set to video-meet on Monday to discuss ways of supporting collapsing oil prices by potentially cutting 10 million bpd, or even 15 million bpd, of global oil production.

Over the weekend, however, Saudi Arabia and Russia traded accusations, claiming that the other was the reason the OPEC+ pact collapsed last month, widening the rift between the two former allies and leading to a postponement of the Monday meeting to Thursday, April 9.

Putin said last week that Saudi Arabia’s oil price war and its readiness to offer steep discounts for its oil targeted to bankrupt U.S. shale. Saudi Arabia responded to that by accusing Russia of breaking up the OPEC+ coalition last month.

The words attributed to Putin by media are “fully devoid of truth,” Saudi Minister of Foreign Affairs, Prince Faisal bin Farhan Al Saud, said in a statement late on Friday.

“The withdrawal of the kingdom from the agreement is not correct, but that Russia was the one that refused the agreement, while the Kingdom and 22 other countries were trying to persuade Russia to make further cuts and extend the agreement, yet Russia has not agreed,” the official Saudi Press Agency quoted the Saudi foreign minister as saying.

Meanwhile, both Saudi Arabia and Russia signal that while they are ready to talk potential production cuts, they would consider doing so only if major producers from outside the OPEC+ format, including the United States, join such cuts.

By Tsvetana Paraskova for Oilprice.com

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  • Brian Bresee on April 06 2020 said:
    Have Russia and Saudi Arabia both lost their minds in demanding that the US cut oil production, when both countries export oil to the United States. Even as the largest oil producer in the world, in 2019 the United States was still a net importer of oil, with both Saudi Arabia and Russia providing 6% each of those imports. Does a supplier demand that their customer produce less for themselves, so that they can continue to keep their sales to that customer? Trump is a businessman, not a foolish politician, and will tariff oil to protect the US oil industry(and his next election) if necessary. Putin and Prince MBS would do the exact same thing if in Trump's position, they are wise businessmen too.

    As for US production, market forces will send it way down anyways even with tariffs in place, because only foolish businessmen believe they can sell their product for less than cost for very long. Everyone will be cutting their oil production soon, because there are a lot of very smart people in the oil business, expect a meaningful bounce to above production costs soon as a result.

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