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Russia, Saudi very close to oil deal, Moscow signals big cuts

Published : Wednesday, 8 April, 2020 at 12:00 AM  Count : 108

MOSCOW, April 7: Saudi Arabia and Russia are close to a deal on oil output cuts to reduce a global glut, a top Russian negotiator said on Monday, while sources in Moscow said it was ready for significant cuts, ahead of talks planned for this week.
A supply deal between Opec, Russia and other producers, a group known as Opec+, that had propped up oil prices for three years collapsed in March, just as the impact of lockdowns to limit the spread of the new coronavirus destroyed demand.
Riyadh and Moscow blamed each other for the failure and launched a battle for market share, sending oil prices to their lowest in two decades. That has strained the budgets of oil-producing nations and hit higher-cost producers in the United States.
US President Donald Trump said last week he had brokered a deal with Moscow and Riyadh. But initial plans for an Opec+ meeting on Monday were delayed. Two Opec sources said a video conference would be held at 1400 GMT on Thursday.    -Reuters



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