Russia and Saudi Arabia Did Not Agree on Oil Production
OREANDA-NEWS. Bloomberg agency writes that Russia and Saudi Arabia cannot agree on the conditions for reducing oil production to overcome the price crisis.
According to the publication, the parties have determined the target volume of reduction: 10 million barrels per day, but they cannot agree on how this volume will be divided between the sides of the deal.
In addition, according to Bloomberg’s sources, Moscow expects that quotas based on the average production for the first quarter of this year will be applied, while Riyadh proposes to calculate quotas based on current levels, after OPEC countries have increased production. Since then, Saudi Arabia has increased it from 9.8 million to 12.3 million barrels, while Russia has kept it at 11.3 million barrels.
Both sides want the United States to join the deal, but Washington’s position to reduce production is not yet clear to potential participants.