Thursday, 09 Apr 2020 10:12 AM MYT
Saudi Arabia and Russia have signalled they could agree to cuts but only if the United States and others outside a group known as Opec+ chip in. Washington has pushed back, saying US drillers have already reduced output for economic reasons, and that it had no plans to orchestrate further cuts. Russia said a natural decline in US oil output due to weak oil prices did not count as a contribution to global production cuts: “These are absolutely different reductions,” Kremlin spokesman Dmitry Peskov said.
Opec+, which includes the Organization of the Petroleum Exporting Countries, Russia and other producers, is scheduled to hold a meeting on Thursday by videoconference.Riyadh has yet to publicly indicate any agreement on the level of any reductions or how to distribute them. Sources close to Opec have said there will be no deal without a US cut.
Opec sources said Riyadh wanted any cuts calculated from April levels. But Russia has said cuts should be based on first-quarter levels.Iran, which was exempted from the previous Opec+ deal, has argued the meetings are premature. It believes details such as the baseline and the contributions by the United States and others should have been agreed beforehand.
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