Russia: Gulf nations, not us, to blame for oil prices fall -TASS - Reuters

Russia: Gulf nations, not us, to blame for oil prices fall -TASS - Reuters:

Russia never sought a sharp oil price fall or an end to cooperation with Organization of Petroleum Exporting Countries (OPEC), and the Gulf nations are to blame for the crisis on the global oil markets, a senior Russian official said.

In early March, Russia and OPEC failed to agree how their deal to cut oil production should work: OPEC wanted to deepen the cuts while Moscow proposed extending existing curbs. The disagreement came at a time when global demand was slumping because of the impact of the coronavirus pandemic.

Oil prices fell from nearly $50 per barrel on March 6 when the deal collapsed to below $27 on Friday, as Saudi Arabia, the top OPEC player, and Russia, the world’s second biggest oil exporter after Riyadh, prepare to open the taps from April 1.

“Russian position was never about triggering an oil prices fall. This is purely our Arab partners initiative,” Andrei Belousov, Russian first deputy prime minister, was quoted as saying by TASS late on Saturday.