Saudi Arabia and Russia are close to a deal on oil output cuts to reduce a global glut, top Russian oil negotiator says
Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman al Saud and Russia's Energy Minister Alexander Novak are seen at the beginning of an Opec and Non-Opec meeting in Vienna, Austria, December 6, 2019.
"I think the whole market understands that this deal is important and it will bring lots of stability, so much important stability to the market, and we are very close," Kirill Dmitriev, one of Moscow's top oil negotiators who also heads Russian's sovereign wealth fund, told CNBC. 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, which has strained budgets of oil-producing nations and hurt higher-cost producers in the United States.But initial plans for an Opec+ meeting on Monday were delayed, with two Opec sources saying a video conference would now be held at 1400 GMT on Thursday.
Russia and Saudi Arabia have long been frustrated that curbs by the Organization of the Petroleum Exporting Countries and others have left a gap that has been filled by shale oil firms in the United States, which became the world's biggest producer.Riyadh, with by far the world's biggest reserve of extra capacity, has insisted it will no longer carry what it considers an unfair burden of cuts.
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