An employee rides a bicycle past oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia, on Oct. 12, 2019.Saudi Arabia and Russia are close to a deal on oil output cuts to reduce a global glut, a top Russian oil negotiator said on Monday, but details such as how to share out production curbs remained unclear ahead of talks planned for later this week.
“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. 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.
An OPEC source said the base was “negotiable,” adding every producer faced the same threat that the world’s oil storage capacity was fast reaching a limit.OPEC member Iraq said on Sunday any new deal needed support from major producers from outside OPEC+, such as the United States, Canada and Norway.
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