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Monday, 24 July 2017

Saudis and Russians threaten to step up oil deal battle

Saudis and Russians threaten to step up oil deal battle:

"Saudi Arabia and Russia have threatened to escalate a brewing oil dispute to the highest levels of government, as frustration with countries who have failed to cut production in line with an Opec-led supply deal starts to spill over. Khalid al Falih, Saudi Arabia’s energy minister, said on Monday in St Petersburg there could be no more “free rides” after reviewing the progress of the supply deal, which was hailed as a new period of co-operation between Opec and big oil producers outside the group, but has so far failed to hold prices above $50 a barrel. “We are going to forcefully demand participation of all,” Mr Falih said in a joint press conference, adding they planned to raise the matter to “leadership beyond oil ministers if we do not see a response”."



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