3/27, 2:38 PM (Source: TeleTrader)
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Saudi Arabia: No talks with Russia on stabilizing oil markets

There have been no discussions on stabilizing oil markets between Saudi Arabia and Russia, the Saudi Energy Ministry said on Friday.

Two countries didn't engage in talks on the potential expansion of the group of the Organization of the Petroleum Exporting Countries' allies (OPEC+) neither, the ministry claimed.

Earlier today, the Russian Ministry of Energy asserted that an oil output cut of 1.5 million barrels per day in OPEC + "would not be optimal in the face of falling demand." Meanwhile, United States Senators threatened Saudi Arabia with sanctions over starting an oil price war, accusing the Kingdom of "taking advantage of a confusing situation and desperate time" amid the coronavirus pandemic.

Breaking the News / GA