4/2, 7:29 AM (Source: TeleTrader)
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Saudis want oil deal, blame Russia for price war - report

Saudi Arabia is prepared to reach an agreement on oil output cuts, media reports said on Thursday. The goal of any future cuts would be for producers to stabilize markets after prices dropped over 50% in March.

Sources from Riyadh blame Russia for not wanting to agree to proposed output cuts at the OPEC+ meeting in early March, Reuters reported. A day earlier, the International Energy Agency (IEA) stressed that the current oil makret shock is the largest of its kind in history as prices dropped both as a result of no deal between Russia and Saudi Arabia and lower demand amid the coronavirus pandemic.

Earlier, United States President Donald Trump discussed the oil price issue with his Russian counterpart Vladimir Putin. After their call, Trump said he would meet oil executives on Friday while Putin expressed concern over the future of oil prices. Meanwhile, reports said Saudi Aramco's output increased further this week.

Breaking the News / VP