Saudi Arabia has refused to negotiate with OPEC, Russia

Saudi Arabia refused to participate in the planned talks with Russia about the possible restriction of oil production by countries outside OPEC, in the result of negotiations, scheduled for November 28 in Vienna, was cancelled, the price of oil fell. About it, referring to the Agency Bloomberg, writes DW.

Instead, it will be an internal meeting at which OPEC members will attempt to resolve their differences, in particular, about possible reduction of oil production by Iran and Iraq, said two OPEC delegate, who wished to remain anonymous.

Iran insists that he be allowed to restore the level of oil production to the level that was before the imposition of sanctions. Iraq requires a exceptional position explaining that the government urgently needs oil revenues to fight the terrorists of the «Islamic state».

The representatives of Saudi Arabia would like to first agree within OPEC before negotiating with countries such as Russia.

In turn, on November 30, is scheduled to meet at the level of OPEC Ministers, which was expected to formalize the Algiers agreement of September 28, when OPEC agreed to reduce quotas on oil production. Now due to the failure of even one party that a preliminary agreement could be derailed.

After the information about the breakdown of negotiations, the price of Brent oil at the London auction fell by 3.6 percent to 47.24 dollars per barrel, the price of WTI in new York trading fell to 46.06 per barrel.

Saudi Arabia has refused to negotiate with OPEC, Russia 26.11.2016

Ноябрь 26th, 2016 by
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