MOSCOW/DUBAI/LONDON: Saudi Arabia said on Friday it was not in talks with Russia to balance oil markets despite rising pressure from Washington to stop a price rout amid the coronavirus pandemic and an attempt by Moscow to fix a rift with the de facto OPEC leader.
The comment came after a senior Russian official said on Friday that a larger number of oil producers could cooperate with OPEC and Russia, in an indirect reference to the United States, the world's biggest producer which has never cut production. Officials and oil executives in Russia have been split on the need for cuts with Dmitriev and Novak supporting cooperation while the head of Kremlin oil major Rosneft Igor Sechin has criticised the cuts as providing a lifeline to the less competitive US shale industry. President Vladimir Putin has said little since the OPEC+ deal collapsed.
A group of six US senators wrote a letter to state secretary Mike Pompeo this week saying Saudi Arabia and Russia"have embarked upon economic warfare against the United States" and were threatening US "energy dominance". US President Donald Trump last week said that he would get involved in the oil price war between Saudi Arabia and Russia at the appropriate time.
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