Saudi Arabia will not participate in the meeting of OPEC with Russia

Saudi Arabia will not attend the talks between OPEC and oil-producing countries outside the cartel, reports Reuters with reference to sources in OPEC. Causes of non-participation in these negotiations is not specified.

The meeting is scheduled for November 28 and will be held in Vienna. Among the participants there will be representatives of Russia.

Of the participation of Saudi Arabia in the negotiations on 28 November, reports Bloomberg, citing two delegates in OPEC. According to interlocutors of Agency, the failure to Riyadh from participation due to the fact that a consensus within OPEC is still not achieved.

Meeting with non-cartel countries was to be held two days before the OPEC meeting itself. 30 November in Vienna the cartel countries will need to finalize the terms of the reduction of oil production, previously adopted in Algeria (for which production in the cartel needs to be reduced to 32.5–33 million barrels. a day).

A day earlier, Bloomberg reported that some of the OPEC countries, including Saudi Arabia, are waiting for Russia the decrease in production, and not just freeze. The head of the Russian Ministry of energy Alexander Novak on November 24, told reporters that the freezing of production for Russia in fact will be equivalent to its reduction by 200-300 thousand barrels. a day. Novak said that any ultimatums from Saudi Arabia with a demand to cut oil production, Russia has not received.

According to Novak, OPEC countries expect from countries outside the cartel, the total reduction of production on 500 thousand Barr. a day from the beginning of 2017. The Minister of energy of Azerbaijan Natig Aliyev, in his article in the newspaper “Republic” has brought another figure — 880 thousand barrels. a day.