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Saudi, Russia still at odds over plans for oil cuts hours before talks: sources

Published 04/09/2020, 03:25 AM
Updated 04/09/2020, 03:30 AM
© Reuters. FILE PHOTO: The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County

MOSCOW/DUBAI (Reuters) - Saudi Arabia and Russia still need to resolve differences over plans for deep global oil production cuts, a Russian source and an OPEC source said on Thursday, hours before the start of talks between OPEC, Russia and others over efforts to prop up prices.

"I'm not sure how Russia and Saudi Arabia would be able to iron out their differences today, it all could be stretched out," the Russian source told Reuters.

Two Russian sources said the maximum Russian oil production cut under any global pact on supplies would be 2 million barrels per day (bpd).

Latest comments

Goldman Sachs predicts Brent crude will fall to $20 a barrel in the near term and start to rebalance into 2021 with a price target of $55/b next year.
The largest one-off cut OPEC has ever agreed till now was 2.2 million bpd in 2008.
Then how could the stipulated 10m bpd be met with only 2m bpd cut from Russia? i smell disagreement from the meeting outcome
i agree
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