OPEC + postponed a meeting convened to resolve the question of the fall in world oil prices because of the conflict between the two countries.
So, Russia and Saudi Arabia said they wanted that other oil countries have joined the limits of oil production — this writes Hvilya with reference to Bloomberg.
It is noted that the position of these two countries makes it difficult to conduct the meeting.
Informed online OPEC meeting+ was to be held on Monday 6 April. At present, it was moved to Thursday, April 9.
This decision was taken after Saudi Arabia sharply criticized Russian President Vladimir Putin.
So, in his statement Saturday, April 4, Minister of foreign Affairs of Saudi Arabia Prince Faisal bin Farhan said that Putin’s comments, which lay on Riyadh blame for the end of the OPEC agreement+ between the two countries in March, was “completely devoid of truth”.
Therefore, direct criticism of Putin made the statement of energy Minister Prince Abdulaziz bin Salman, threatening to disrupt the new agreement on stabilization of the oil market.
Last week, U.S. President Donald trump has spent many hours of phone talks to reach a truce between Moscow and Riyadh.
“We are always skeptical of this wider deal because American producers are unable to cut production. If Russia will not sit at the negotiating table, and all agree to cut production, Saudi Arabia also will not do,” said Amrita sen, chief oil analyst at consultancy Energy Aspects Ltd.
It should be noted that last week the prospect of a new agreement contributed to a fifty percent recovery of the underlying oil price, as traders saw the prospect of reducing the catastrophic surplus of hydrocarbons caused by the blocking of the largest economies in the world due to the coronavirus.
Because today billions of people are forced to stay at home therefore, the demand for gasoline, diesel fuel and fuel for jet aircraft fell to around 35 million barrels per day.