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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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Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.
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.