MOSCOW – Russia Deems Saudi Led OPEC’s Oil Cut Move Irrational. Russian Energy Minister, Alexander Novak, on Sunday, said that Saudi Arabia’s decision to increase oil output was irrational. This comes before Russia and the OPEC countries will come together for an online meeting.
According to details by the Russian state news agency TASS, Novak and his Saudi counterpart will chair the said online meeting. It will discuss crude output later on Sunday. Earlier this week, the Organisation of Petroleum Exporting Countries OPEC, decide to discuss a possible cut in output after a market crash due to coronavirus pandemic and a Saudi-Russian price war.
Experts were saying that a teleconference between OPEC and Russia is the best chance of providing support to prices. Meanwhile, global oil prices are at a near two-decade low. Experts warn that without concerted action the commodity risks another steep sell-off.
Russia Deems Saudi Led OPEC’s Oil Cut Move Irrational.