Bloomberg learned of the negotiations between Russia and Saudi Arabia for oil


As told Bloomberg a source close to the upcoming February 16 meeting, negotiations between the Novak and al-Naimi in Doha will be informal. The interlocutor of the Agency found it difficult to explain what would be the main topic of conversation, to which should join and Eulogio del Pino, the representative of Venezuela, another influential member of OPEC. In the beginning of February we were taking a tour of the key exporters of hydrocarbons and has proposed to freeze production at the current level. The Reuters sources pointed out that the initiative was met with understanding in Saudi Arabia, Russia and Qatar.

Officially Bloomberg have not received confirmation about the upcoming meeting of the representatives of the Ministry of energy of Russia and Ministry of oil and mineral resources of Saudi Arabia.

Riyadh has previously denied a reduction in oil production for increase in world prices, indicating that the market should handle the situation by self-regulation.

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However, the 10 February followed by a statement of the authorities of the UAE that OPEC members are willing to cooperate on the issues of possible reduction of oil production. Against this background, oil prices February 12, increased by more than 10%.

“The market is in the grip of OPEC rhetoric, as the comments of the Minister of energy UAE is interpreted as a sign of greater willingness of OPEC members to the coordinated reduction of oil production [of oil],” explained Bloomberg what is happening ClipperData analyst Matt Smith.

In the course of trading on 15 February on the London stock exchange, the market saw high volatility. The cost of a barrel of Brent was varied in the range of $32,67–33,89 per barrel. As at 21:38 Moscow time growth has made 0,86%.