Alwaght | News & Analysis Website

Editor's Choice

News

Most Viewed

Day Week Month

In Focus

World against US Recognizing Al-Quds as Israeli Capital

World against US Recognizing Al-Quds as Israeli Capital

undefined
Myanmar Committing Genocide, Ethnic Cleansing against Rohingya Muslims

Myanmar Committing Genocide, Ethnic Cleansing against Rohingya Muslims

undefined
Awamiyah: Saudi Regime Killing Own Civilians

Awamiyah: Saudi Regime Killing Own Civilians

undefined
Qatar Row Deepens Persian Gulf States Rifts

Qatar Row Deepens Persian Gulf States Rifts

undefined
Ansarullah

Ansarullah

A Zaidi Shiite movement operating in Yemen. It seeks to establish a democratic government in Yemen.
Shiite

Shiite

represents the second largest denomination of Islam. Shiites believe Ali (peace be upon him) to be prophet"s successor in the Caliphate.
Resistance

Resistance

Axis of Resistances refers to countries and movements with common political goal, i.e., resisting against Zionist regime, America and other western powers. Iran, Syria, Hezbollah in Lebanon, and Hamas in Palestine are considered as the Axis of Resistance.
Persian Gulf Cooperation Council

Persian Gulf Cooperation Council

A regional political u n i o n consisting of Arab states of the Persian Gulf, except for Iraq.
ISIS Terrorist Group

ISIS Terrorist Group

A terrorist group that fights against Resistance Axis in Syria and Iraq. It was founded & armed by America and its allies covertly.
Taliban

Taliban

Taliban is a Sunni fundamentalist movement in Afghanistan. It was founded by Mohammed Omar in 1994.
  Wahhabism & Extremism

Wahhabism & Extremism

Wahhabism is an extremist pseudo-Sunni movement, which labels non-Wahhabi Muslims as apostates thus paving the way for their bloodshed.
Kurds

Kurds

Kurds are an ethnic group in the Middle East, mostly inhabiting a region, which spans adjacent parts of Iran, Iraq, Syria, and Turkey. They are an Iranian people and speak the Kurdish languages, which form a subgroup of the Northwestern Iranian branch of Iranian languages.
NATO

NATO

The North Atlantic Treaty Organization is an intergovernmental military alliance based on the North Atlantic Treaty which was signed on 4 April 1949.
Islamic Awakening

Islamic Awakening

Refers to a revival of the Islam throughout the world, that began in 1979 by Iranian Revolution that established an Islamic republic.
Al-Qaeda

Al-Qaeda

A militant Sunni organization founded by Osama bin Laden at some point between 1988 and 1989
New node

New node

Map of  Latest Battlefield Developments in Syria and Iraq on
alwaght.com
News

Saudi Arabia Defies US Pressures to End Oil Price War with Russia

Sunday 29 March 2020
Saudi Arabia Defies US Pressures to End Oil Price War with Russia

Related Content

Global Oil War: What Are Its Cons And Pros To US?

Kremlin Oil Strategy: Wagging Oil War Or Seeking Costless Win?

Alwaght- Saudi Arabia said the kingdom was not in talks with Russia to stabilize crude prices despite mounting pressure from the US to call a truce in an oil price war.

Riyadh launched an oil price war against Moscow earlier this month after the latter refused to back a proposal for deep output cuts to offset virus demand blow.

A three-year supply pact between the Saudi-led Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia fell apart after Moscow refused to support Riyadh's plan for deeper production cuts to offset dwindling demand resulting from the coronavirus pandemic.

Saudi Arabia responded to the breakdown in relations by lowering the prices it charges for crude and pledging to pump oil next month at record levels.

The resulting supply boost has coincided with plummeting demand as governments around the world implement national lockdowns to slow the spread of the coronavirus. The twin-pronged assault on prices has sent Brent crude to a 17-year low below $25 a barrel and hammered the income of oil producers.

"There have been no contacts between Saudi Arabia and Russia energy ministers over any increase in the number of OPEC countries, nor any discussion of a joint agreement to balance oil markets," Al Jazeera cited an official from Saudi Arabia's energy ministry as saying.

The comment came after a senior Russian official said on Friday that a larger number of oil producers could cooperate with OPEC and Russia, in an indirect reference to the United States, the world's biggest producer, which has never cut production.

"Joint actions by countries are needed to restore the [global] economy ... They [joint actions] are also possible in the OPEC deal's framework," said Kirill Dmitriev, the head of Russia's sovereign wealth fund.

Dmitriev and Energy Minister Alexander Novak were Russia's top negotiators for the previous pact between OPEC and its allies - a grouping known as OPEC+.  That deal officially expires on March 31. Dmitriev declined to say which nations could be included in a new one. 

The alliance between OPEC and Russia broke down after Moscow declined to support bigger output curbs, arguing that it was too early to estimate the pandemic's impact.

Officials and oil executives in Russia have been split on the need for cuts, with Dmitriev and Novak supporting cooperation while Igor Sechin, the head of Kremlin oil major Rosneft, has criticised supply cuts for providing a lifeline to the less competitive US shale industry.

Russian President Vladimir Putin has said little since the OPEC deal collapsed.

 

Tags :

Saudi Arabia Oil Price War US Russia

Comments
Name :
Email :
* Text :
Send

Gallery

Photo

Film

UKs COVID-19 Outbreak Worst in Europe

UKs COVID-19 Outbreak Worst in Europe