Media: Saudi Arabia is not planning to conduct negotiations with Russia to reduce oil production

Media: Saudi Arabia is not planning to conduct negotiations with Russia to reduce oil production


KUWAIT, January 29. /Corr. Vasily Vavilin/. The Saudis are not going to engage with Russia in negotiations over reducing the level of oil production. About it on Friday writes the Saudi edition of “al-Iqtisadiya”.

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Novak: the theme of the consultations with OPEC may be a reduction in oil production up to 5% each of the countries

“The statement made yesterday (Thursday) by the Russian energy Minister Alexander Novak, the Saudi proposal to reduce production, is wrong,” – told the newspaper source in the oil industry.

According to him, these proposals have started to come about a year ago from other members of the Organization of countries-exporters of oil (OPEC) – Algeria and Venezuela.

On Wednesday the head of “Transneft” Nikolay Tokarev on the results of the meeting in the energy Ministry told reporters that Saudi Arabia initiated discussions of a possible reduction in the production of energy raw materials, which are planned within the framework of OPEC in the near future. On Thursday this information was confirmed by head of the Russian authorities, stressing that it is a global production decrease by 5%.

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Oil prices over 40 years

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