Russia has no disagreements with Saudi Arabia in OPEC +, says minister

Moscow, Feb 27 (EFE) .- Russia has never had disagreements with Saudi Arabia in the framework of the OPEC + alliance, which must decide in March whether to undertake additional cuts in crude production to face the drop in oil demand. by the coronavirus, said today the Russian Minister of Energy, Alexander Novak.

“We have never had disagreements,” said the minister when asked if Russia has differences with Saudi Arabia in the framework of OPEC +, made up of the partners of the Organization of the Petroleum Exporting Countries (OPEC), Russia and other allied producers.

Novak did not disclose whether Russia was finally prepared to address the possibility of sealing a deal on further cuts at the ministerial meeting scheduled for March 5-6 in Vienna.

“We continue to interact within the framework of the agreements that have been reached. In March, we are planning meetings of the Ministerial Committee for the Follow-up of the OPEC + Agreements,” the Russian minister said, according to the Interfax agency.

“We are very satisfied with the cooperation with our partners in Saudi Arabia, and naturally we want to continue cooperating, not only multilaterally within OPEC +, but also bilaterally,” Novak said.

OPEC and its allies agreed last December to cut 1.7 million barrels a day during 2020.

In addition, the OPEC + technical committee recommended at a meeting in Vienna earlier this month additional production cuts during the second quarter to cope with the fall in oil demand due to the coronavirus, according to TASS, by 600,000 barrels a day, but Russia did not support the Saudi proposal and asked for time to continue consultations.

OPEC reported on the 12th that the coronavirus epidemic will make the growth of oil consumption in 2020 19% lower than that calculated so far.

Novak calculated shortly before that the impact of the coronavirus on the global market could imply a drop in demand of between 150,000 and 200,000 barrels per day.

“These are not my estimates, but analytical estimates. They may change. Globally, they have not changed yet. But it is necessary to observe how the situation with the coronavirus develops and as you can see there are already cases in Europe. Probably the forecasts now are they will correct, “he said. EFE

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