OPEC Meeting Postponed
OPEC + countries’ expected meeting tomorrow postponed due to tension on Moscow-Riyadh line
Sources close to the subject stated that the meeting aimed at ending the dispute over oil prices was postponed to 9 April. Last week, it was announced that the meeting between OPEC and some non-OPEC manufacturers will be held on April 6 through video conferencing.
One source reported that oil producers need more time to negotiate. Saudi Arabia and Russia have been disagreeing about production cutback and oil prices since early March, resulting in oil prices falling to their lowest level in 18 years.
Prices rose more than 35 percent in hopes of a deal after US President Donald Trump said on Thursday that Saudi Arabia and Russia expected to reduce oil production by about 10 million barrels after a phone call with the Crown Prince of Saudi Arabia, Mohammed Bin Salman.
The two countries have recently filed accusations about who caused the collapse of prices. On Friday, Russian leader Putin blames Saudi Arabia on the price drop, the Saudi Foreign Ministry denied Putin’s statement. “The kingdom and 22 other countries tried to persuade Russia to make further cuts and extend the agreement,” the ministry said in a statement that Russia rejected the agreement in March.